A recent report has found that the average pay rise for the UK this year will be just 1.46%, less than France (2.2%), the US (1.78%) and Germany (1.48%).

The report also found a significant increase in the number of firms committing to salary freezes, with 38% of those polled freezing pay levels. Quite a contrast to those firms polled last November, where fewer than 20% had done so.

UK employees shouldn't be too glum however if they consider their counterparts in Ireland and Singapore for example, who are seeing rises of only 0.8% and 0.22% respectively.