18% have not had a pay rise in three years

Almost one-fifth (18%) of respondents have not had a pay rise for three years or more, according to research by MetLife UK.

Its research, which surveyed 2,870 working adults, found that respondents over the age of 45 are the most likely to suffer pay freezes.

While the research found that 18% of all respondents had not received a pay rise, the percentage was slightly higher for those aged between 45 and 54 (34%) and those older than 55 (33%).

The research also found that 27% of respondents are confident they will receive pay increases later in 2013.

Among those aged between 18 and 24, 29% had already received pay rises in 2013, while 30% expect to have pay rises confirmed later in the year.

Claire Oldstein (pictured), marketing director of MetLife UK, said: “Pay freezes are an unfortunate reality for many employees and will have an impact on saving for retirement particularly for older workers.

“The good news is that the stock market is performing strongly, with the FTSE 100 up by around 11% so far this year and by nearly 90% since its low point in March 2009, which should benefit pension funds.

“However, retirement savers need to maximise their savings and guarantees have an important role to play in ensuring that people near to retirement can plan ahead and those who are still investing for retirement can protect their funds.”