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Source: ONE News
More than 40% of employers have frozen workers' salary increasing, according to an informal website poll.
The poll, conducted by employment consultants Higbee Schaffler, also shows more than two-thirds of companies have cut their budget for pay rises.
The number of firms expecting to increase wages by more than 3% has fallen from 50% in January to just 4%.
Higbee Schäffler director Helen Higbee says the company is surprised at the magnitude of the change.
"When things are good, budgets don't come under such close scrutiny, but as businesses contract, they become acutely aware that their payroll may constitute more than half their costs," she says.
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