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The going rate for pay rises is "firmly stuck" at 2%, although public sector workers are receiving less, a new study has shown.

Research by analysts XpertHR showed median rises were 2% in the quarter to June, unchanged from the prevoius three months.

Details of more than 300 pay settlements, covering almost 2.5m workers, found that half were worth between 1.5% and 2.5%, while one in six resulted in a rise above 3%.

Public sector increases were worth 1.5% in the latest period.

Sheila Attwood, of XpertHR, said: "The going rate for pay awards across the economy is firmly stuck at 2%.

"However, with the Chancellor announcing that pay awards in the public sector will be restricted to 1% for a further four years from 2016-17, the divide between the value of increases in the public and private sectors is likely to prevail for many years to come."

RATE ALERTS Savers will receive text message alerts to remind them when an introductory bonus rate is set to end under plans to make it easier for them to seek out better returns on their cash.

A package of proposed measures has been unveiled by the Financial Conduct Authority (FCA) to ramp up competition in the PS700bn cash savings market and help consumers shop around for the best possible deal with the "minimum of fuss".

The FCA plans to force firms to provide clearer information on the interest rates on their cash savings products as well as clearly alerting them to a change in the rate of interest they are receiving, for example when an introductory bonus rate comes to an end.

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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Jul 24, 2015
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