The VocaLink Take Home Pay Index has edged up again in July by 0.2 percentage points to reach 0.8 per cent, but is falling well short of inflation rates. According to the consumer price index, the annual rate of inflation reached 3.2 per cent in June which is four times higher than the growth in take home pay.
The VocaLink Take Home Pay Index for June witnessed a marginal increase, edging up by 0.1 percentage points from its lowest level ever recorded in May, to reach 0.6 per cent annual growth.
For the second month in a row, the VocaLink Take Home Pay Index is at its lowest level ever recorded since its introduction in 2004, sitting at just 0.5 per cent.
VocaLink Take Home Pay Index reverses recent increase hitting record low in April London, 5 May 2010: The VocaLink Take Home Pay Index reflects the continuing uncertainty in the UK labour market as it drops to its lowest level on record of 0.9 per cent.
VocaLink Take Home Pay Index starts on road to recovery following all-time low London, 8 April 2010: The VocaLink Take Home Pay Index for March has recovered from its all-time low in February to record a rise of 0.5 percentage points, bringing the index to 1.5 per cent.
VocaLink Take Home Pay Index slumps to lowest level on record London, 4 March 2010: The VocaLink Take Home Pay Index for February has continued January’s downward spiral to hit an all-time low of 1.0%. The combination of the two recent consecutive falls has nearly halved the index during that period, taking it from 1.9% in December to 1.0% in February, signifying the Index’s lowest level since its inception in September 2004.
VocaLink Take Home Pay Index takes a tumble as we enter 2010 London, 4 February 2010: The VocaLink Take Home Pay Index for January reflects the current challenges facing the UK labour market as we enter 2010. The Index has reversed its gains from December to drop back down to 1.4 per cent in January.
VocaLink Take Home Pay Index points to negligible wage rises in 2010 London, 6 January 2010: The VocaLink Take Home Pay Index for December 2009 underlined the low wage growth is gripping the UK and is unlikely to change throughout 2010. Rising by 0.5 percentage points in December to 1.9% pay growth, it was only slightly up on the half year average of 1.7% pay growth.