{"id":38754,"date":"2024-07-18T08:39:20","date_gmt":"2024-07-18T08:39:20","guid":{"rendered":"https:\/\/kede.com.br\/news\/rate-in-ni-falls-to-2-record-low\/"},"modified":"2024-07-18T08:39:21","modified_gmt":"2024-07-18T08:39:21","slug":"rate-in-ni-falls-to-2-record-low","status":"publish","type":"post","link":"https:\/\/kede.com.br\/news\/rate-in-ni-falls-to-2-record-low\/","title":{"rendered":"Rate in NI falls to 2% record low"},"content":{"rendered":"


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By\u00a0John Campbell,\u00a0<\/span>BBC News NI Economics & Business Editor<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"GettyGetty Images<\/span><\/div>\n<\/div>\n

Typical monthly pay continued to increase, rising by 3.7% in June to \u00a32,329<\/figcaption><\/p>\n<\/figure>\n
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The unemployment rate in Northern Ireland reached a new record low of 2% in May, the latest official figures suggest.<\/p>\n

The overall jobs market remains healthy with the number of people on company payrolls growing to 808,000 in June.<\/p>\n

That was a 2.4% increase compared to the same month in 2023.<\/p>\n

Typical monthly pay also continued to increase, rising by a monthly rate of 3.7% in June to \u00a32,329.<\/p>\n<\/div>\n

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That was an increase of more than 11% compared to June last year while the average annual increase for the UK as a whole was less than 4%.<\/p>\n

The statistics agency Nisra does not say why Northern Ireland saw such a big increase in June though it could be related to public sector pay settlements.<\/p>\n

The restored Stormont Executive received almost \u00a3600m from the UK government to meet the cost of backdated pay awards<\/a>.<\/p>\n<\/div>\n

Can Stormont afford new pay deals?<\/h2>\n<\/p>\n
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Executive ministers have raised concerns about funding for future pay awards in a meeting with the new Chancellor.<\/p>\n

The First Minister, deputy First Minister and Finance Minister met Rachel Reeves in London.<\/p>\n<\/div>\n

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Finance Minister Caoimhe Archibald raised concerns with the new Chancellor Rachel Reeves<\/figcaption><\/p>\n<\/figure>\n
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The Finance Minister Caoimhe Archibald said: “I did express concerns about our overall finances and the need for additional funding for public sector pay awards, including to meet pay review body recommendations.”<\/p>\n

The extra money the Executive received was used to settle outstanding pay disputes, however, a new round of pay negotiations will begin shortly.<\/p>\n

The NI Fiscal Council, an independent budget watchdog, said Stormont\u2019s Department of Finance has told departments to plan on the basis of 3% pay growth this year and to find that money from their budget allocations.<\/p>\n

The NIFC said this means all departments started the fiscal year facing “an in-built wage-cost pressure” and warned this could result in further strike action.<\/p>\n

It is possible that Stormont could receive additional funding later this year when the Chancellor delivers her first budget, which is expected to be in October.<\/p>\n<\/div>\n<\/div>\n


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56 minutes ago By\u00a0John Campbell,\u00a0BBC News NI Economics & Business Editor Getty Images Typical monthly pay continued to increase, rising by 3.7% in June to \u00a32,329 The unemployment rate in Northern Ireland reached a new record low of 2% in May, the latest official figures suggest. The overall jobs market remains healthy with the number […]<\/p>\n","protected":false},"author":1,"featured_media":38755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[48],"tags":[541,308,1009],"_links":{"self":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/38754"}],"collection":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/comments?post=38754"}],"version-history":[{"count":1,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/38754\/revisions"}],"predecessor-version":[{"id":38756,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/38754\/revisions\/38756"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media\/38755"}],"wp:attachment":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media?parent=38754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/categories?post=38754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/tags?post=38754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}