Public sector workers wait for big improvement in wages

Workers in the public sector are being forced to wait patiently for a sizeable increase in their wages as private employees speed ahead.

The latest Household Finance Index from Markit indicates that UK households are actually under the least amount of financial pressure in over five years. However, this does take into account a huge rise in wages for private sector employees.

According to thisismoney.co.uk, Markit recorded a 1.9 per cent increase in wages over February compared with the same month in 2013, with inflation hitting 1.7 per cent.

Though while private sector workers saw above average growth in their salaries, those from the public sector saw an increase of just 0.9 per cent over the year to February.

Markit is also claiming that public sector workers are a lot more pessimistic about their financial prospects than employees of private companies.

Public sector professionals are being forced to carry a degree of optimism into the future after seeing limited change in their pay over the last 12 months. In the meantime, workers in thriving private sectors such as IT and manufacturing are said to be the most optimistic about their finances going into the next year.

Reuters.com says Markit's Household Finance Index displayed a reading of 43.1 in April, up from 41.9 in March thanks to a combination of lower inflation and the possibility of higher pay.