Thousands of PwC staff get a 9% salary increase to offset their living expenses

PwC sign

Half of the employees of a UK company are set to get an increase of at least 7%

According to accounting giants, thousands of PwC staff will receive a 9% salary increase in response to rising living costs and the highly competitive recruitment market.

According to the company, half of the UK’s more than 20,000 employees will increase by at least 7% and 70% will increase by more than 9%.

With record-high vacancy rates, many companies offer salary increases to attract and retain staff.

However, ministers have warned that significant salary increases could further drive price increases.

Inflation-The rate at which prices rise- Reach 9.1% in the UK in MayThe highest level in 40 years.

But for many, wages aren’t catching up, Regular wages fall at the fastest rate in more than a decade, taking into account rising prices..

PwC said many salaries for its entry-level programs have also increased, starting salaries for auditors have risen by 10%, and consulting graduates have risen by just over 8%.

“We cannot ignore market pressure and want to ensure that all levels of wages are as competitive as possible,” said Kevin Ellis.

“We know that wages are an increasingly important consideration given rising living costs. We want to stay competitive and attract the best talent and skills from all over the UK. “He added.

The company said it has invested more than £ 120m in salary increases and has allocated an additional £ 138m to bonuses this year, an increase of £ 10m over the previous year.

Other Companies, Lloyds Bank, etc.Provided staff with a one-time payment to deal with rising living expenses.

However, Ellis said base salary is “especially important given that it can affect mortgages and future salaries.”

Earlier this week A union representing Rolls-Royce workers rejected the company’s offer of a lump sum of £ 2,000.“Much less than the actual cost of living challenges our members are experiencing,” he said.

Other sectors have also raised wages in recent months, with supermarket chains Morrisons, Tesco, Sainsbury’s and Asda all announcing a rise in the fight for staff.

The Rail, Shipping and Transportation (RMT) union, which was at the heart of last week’s rail strike, is seeking a salary increase of at least 7%.

The union has stated that Network Rail has proposed a 2% salary increase and the possibility of an additional 1% salary increase is “unacceptable”, indicating an increase in living expenses.

Chart showing that prices are rising above wages

Chart showing that prices are rising above wages

May, Official figures show that there were more jobs than the unemployed in the UK For the first time since the record started.

But earlier this month, Treasury Secretary Simon Clarke warned employees that they shouldn’t expect wages to rise with inflation.

He said the BBC’s significant salary increase to accommodate rising living costs could end up in a 1970 “inflationary spiral.”

An independent public sector wage review agency will report on the level of increase in workers, including health, school and prison employees, in the coming weeks.

Unions are urging wage increases to reflect rising living costs.

However, Treasury Minister Clark, who is in charge of the wage review body process, said there was no automatic link between inflation and wage setting.

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