Thousands of PwC staff are to get a 9% pay rise in response to rising living costs and a competitive recruitment market, the accountancy giant has said. The company, with offices in Newcastle, said half of its 20,000+ UK employees would get an increase of at least 9%, while 70% would get a rise of 7% or more.
Now that job vacancies are at a record high, some companies are offering bigger pay rises to attract and retain staff. Government ministers have warned that these salary bumps could further fuel inflation which hit 9.1% in May, its highest level for 40 years.
For many workers, wages are failing to keep up with the soaring cost of goods with regular pay falling at its fastest rate in more than a decade when inflation is taken into consideration. According to the BBC, PwC said salaries for many of its entry-level programmes would also increase, with starting salaries in audit roles rising by 10% and consulting graduates getting a rise of just over 8%.
