Staff at the Financial Services Authority (FSA) will not enjoy a pay rise this year.
A spokeswoman from the FSA, which employs 3,000 UK employees, told HR magazine: "I can confirm there will be no general pay rises for staff this year. In making the decision, our executives took a number of factors into account including the current economic climate and salary trends."
Although staff could still receive "some incentives based on performance", the organisation's bonus pot has not increased since 2009 and will remain 15% of total salary.
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