Vocalink — which provides payment systems — published statistics that indicate that wages at FTSE 350 companies increased by 1% this year compared to 2.2% in 2009. In the public sector pay increase by 1.5% compared to 2.8% last year.
Marion King, Vocalink’s CEO, said: "Unemployment and underemployment has meant there is very little upward pressure on wages.
"Companies continue to face an uncertain future and, as a result, they are unwilling to make large investment decisions, such as increasing headcount. Firms are also reluctant to increase salaries while the labour market remains highly competitive."
Douglas McWilliams, CE of economics consultancy Cebr, said: "November data saw manufacturing employment expanding at its fastest pace in 16 years. The drop in sterling appears to have boosted the sector as a lower pound helps exports."
The figures were drawn from 200 private and 600 public sector organisations.
