Tuesday 25 August 2020 10:39 am

Four-in-10 Londoners expect pay rise in next 12 months despite coronavirus recession

Four in 10 Londoners expect a pay rise in the 12 months despite the impact of the coronavirus pandemic on the economy. 

A survey by job board CV Library found 43.8 per cent of Londoners expected a pay bump in the next year.

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According to CV Library data, salaries in London increased two per cent month-on-month in July and 6.1 per cent year-on-year.

Additionally, 22 per cent of Londoners think they will be offered a promotion in the next 12 months.

Lee Biggins, founder and CEO of CV-Library comments: “It’s understandable that professionals in London are looking to regain some of their lost income in the coming months, particularly if they’ve been placed on furlough.

“However, the government’s Job Retention Scheme will come to an end in October and a second wave of the virus could make the job market even more competitive in 2021.  

 “If you’re expecting a pay rise or promotion in the next year, it’s important that you remain realistic with your expectations.

“Many businesses have struggled during this difficult time and may not be able to offer you exactly what you want.

“That said, it’s still possible to secure a great offer. Just be sure to go to your manager with clear justifications and evidence for why you deserve that pay rise or promotion.” 

Read more: Consumer confidence low ahead of ‘inevitable’ post-furlough job losses

The survey found that half of Londoners who are currently unemployed feel confident they will secure a new role in the next three months. 

Biggins added: “The data clearly shows that professionals in London are hopeful about the future of the job market. While we are seeing an increase in the number of job opportunities available in the capital, job seekers may find that there is more competition for top roles.”

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