Category: Finance for Contractors

Freelance contractors face differing pay situations this year, with more than 16 million workers not expecting salary increases.

A further nine million will receive an increase below the rate of inflation, figures from uSwitch.com showed, while overall, a third of consumers expect to be worse off this year.

Teaching contractors are expecting a small rise of 1.8 per cent, although those in the finance sector are set to see the biggest increases.

"The government is going to have a hard time persuading people that things are on the up when over half the workforce is witnessing a zero per cent pay rise," commented Ann Robinson, director of policy at uSwitch.com.

This will not improve consumer confidence and could hinder efforts to get out of the recession, she warned.

Freelance contractors are also facing financial issues with the rise in national insurance contributions set to come into effect in April 2011.

Posted by John Crawley