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VocaLink Take Home Pay Index Reverses Recent Increase Hitting Record Low In April

The VocaLink Take Home Pay Index reflects the continuing uncertainty in the UK labour market as it drops to its lowest level on record of 0.9 per cent. The Index has now fallen below its previous lowest level of 1.0 per cent recorded in February this year. In March, the VocaLink Take Home Pay Index showed signs of recovery as it leapt up 0.5 percentage points to 1.5 per cent, but these gains have been reversed in April’s figures. As the Index continues to fluctuate between a low range of 0.9 per cent and 2.0 per cent, it indicates a fragile, sluggish economic recovery.

VocaLink Take Home Pay Index Reverses Recent Increase Hitting Record Low In April

The gains made in manufacturing sector pay growth in March have been reversed in April with the VocaLink manufacturing index falling by 0.7 percentage points. Services sector pay growth has also contributed to the drop in the overall VocaLink Take Home Pay Indexfor April by decreasing 0.5 percentage points to hit just 1.0 per cent.

While the latest industry figures show that the UK economy has continued to grow in the first quarter of 2010, it has done so at a slower pace than in the final quarter of 2009. This fragile recovery means that 2010 is likely to remain tough for households as the recent spike in inflation is not being reflected in higher pay growth. As such, real income growth is weak, which is placing downward pressure on increases in consumer spending.

Marion King, Chief Executive Officer at VocaLink, said: “The drop in this month’s VocaLink Take Home Pay Index continues to show the long-term trend of depressed pay growth. The last 13 months have seen take home pay fluctuate between a range much lower than the 4.0 per cent pre-recession average. Firms are continuing to keep their labour costs contained as competitive pressures remain high and economic activity recovers only gradually. In addition, the uncertainty surrounding the impending General Election is likely to result in caution over major business decisions.”

Via EPR Network
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VocaLink Scales Charity Heights

VocaLink, the specialist provider of transaction services to banks, has launched a scheme to help raise money for Bonita Norris in her attempt to become the youngest British female to reach the summit of Mount Everest, in order to raise money for Global Angels.

VocaLink Scales Charity Heights

VocaLink, as the official sponsor of the challenge, is trying to raise funds for Bonita and the Global Angels charity through its network of almost 50,000 Mobile Phone Top-Up (MPTU) ATMs across the UK.

To raise the money, VocaLink has managed to get together some of the major UK banks* who have agreed to donate 5p to Global Angels every time someone tops-up a mobile phone** during March and April using a VocaLink ATM.

Bonita will be climbing Mount Everest to raise money for Global Angels, an international foundation which champions the causes of children around the world to help provide sustainable solutions. Every pound received from public donations goes directly to projects working at grass-roots level to empower children and their communities.

Bonita will be looking to climb Mount Everest’s towering 8,848 meters during May 2010 when conditions are at their best. To complete her climb, Bonita will be putting herself at risk from the dangers of frostbite, hypothermia, snow-blindness, alongside the many other perils associated with extreme altitude climbing.

The MPTU service is available through ATMs bearing the green top-up logo which include Barclays, Bank Machine, Cardpoint, Cashzone, Clydesdale Bank, Cooperative Bank, Coventry Building Society, First Trust Bank, Halifax, Hanco, HSBC, Infocash, Lloyds TSB, Nationwide Building Society, Nat West, Note Machine, Royal Bank of Scotland, Sainsbury’s Finance and Yorkshire Bank.

In addition to the Mobile Phone Top-Up service, Bonita is also auctioning 3 flags which will feature the highest bidders name or personal message. Bonita will take the flags up Mount Everest on her record breaking journey. The first flag auction will run from the 8th to the 14th March, the second flag 15th-21st and the third flag 22nd -28th.

Via EPR Network
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VocaLink Take Home Pay Index Slumps To Lowest Level On Record

The VocaLink Take Home Pay Index for February has continued January’s downward spiral to hit an all-time low of 1.0%. The combination of the two recent consecutive falls has nearly halved the index during that period, taking it from 1.9% in December to 1.0% in February, signifying the Index’s lowest level since its inception in September 2004.

A slower than expected recovery in manufacturing production has contributed to the significant decrease in the VocaLink manufacturing index which also fell to its lowest level on record by tumbling from 1.1% in January to 0.4% in February. Services sector pay growth followed the downward trend with the index recording a drop of 0.3 percentage points to reach 1.3% in February. Though the reduction is relatively modest, a fall of this size is still significant given the index’s current low level.

The bleak news reflects the fragile state of the labour market which is showing few signs of recovery.

The latest official labour market statistics show that unemployment rose in January offsetting the falls seen in November and December. Specifically, the claimant count measure of unemployment increased by 23,500 in January from December which represents its biggest monthly increase since July 2009. The current doubts around economic recovery are exacerbated by the uncertainty caused by the impending general election with employers waiting to see what fiscal policies are put in place by the new government before making significant decisions regarding employment and compensation.

Marion King, chief executive officer at VocaLink, said: “The fact that the VocaLink Take Home Pay Index Report has reached the lowest level in its history reflects the gravity of the current economic situation. The Index has now fallen below the previous low of 1.1% reached in May of last year when we were still in the depths of the recession. This continued fall in wage growth rates combined with rising inflation means that household finances are still under great pressure. Either the recovery will have to strengthen significantly or it will take a long period of slow growth before upward pressure on wages begins to build and the spending power of households begins to recover.”

VocaLink processes more than 90% of UK salaries and the VocaLink Take Home Pay Index, established in 2004, provides the most timely and accurate disposable income data available in the UK. It is based on salary payments made to employees on a three-month moving average compared with the same continuation measure a year earlier. It is affected by changes in tax rates, National Insurance and other employer payments or deductions.

About VocaLink
VocaLink’s switching platform connects over 60,000 ATMs, the world’s busiest network, while the euro payments platform processes more than 500 million payments per month.

Via EPR Network
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