June saw a 1% increase in full-time pay in the UK, the highest month-on-month rise since the Autumn Budget. Employment Hero's June Jobs Report indicates wages are up 1.6% compared to three months prior. Previously, wages had decreased significantly, hitting a low of -1.1% in January. Notably, Boomers experienced the largest pay rise at 4.6%, while Gen Z faced a decline of -0.2%. The trend reflects a positive shift in small and medium-sized enterprises focusing on maintaining salary growth amid rising costs.
Kevin Fitzgerald stated, "After a rocky few months following the Autumn Budget and tax hikes in April, signs of growth are finally starting to show across the SME industry. This uplift in pay will come as welcome relief to many workers feeling the pinch from cost-of-living pressures. It's positive to see momentum building and the trend is heading in the right direction. But the challenge now is keeping that growth moving. The focus for small and medium-sized businesses must shift toward sustaining these gains and building long-term confidence."
"We're also seeing SMEs investing in older generations like Boomers and Gen X leading the way on salary growth. While that's encouraging for seasoned workers, it's a reminder that we also need to ensure younger generations, particularly Gen Z, aren't left behind. They're the future of the workforce and now is the time to give them the support and opportunities even amid challenges."
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