Pay awards static For the fourth consecutive month, the IRS measure of whole-economy pay awards remains pitched at 2.5% in the three months to February 2000. This is despite recent fears of an imminent upturn in pay deals in the wake of the steady upward drift in the all-items retail prices index since the end of last year and the sharp increase in earnings growth, which is now rising at its fastest rate for eight years. The recent stability in settlement levels reflects the relatively benign inflationary climate and the competitive pressures on firms to keep a tight lid on paybill costs.