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Pay data: three months to December 2023

Various research bodies have published pay data for the three months to the end of 2023, as well as a look ahead to what’s in store for 2024.

  • XpertHR recorded a median basic pay award of 6.0% across the whole economy for the three months to the end of December 2023 (albeit on a small number of settlements). The median award among the first few pay deals to come through in January 2024 has fallen to 5%, with almost half of January 2024 pay settlements lower than the same employees received a year ago.
  • Incomes Data Research shows the median pay award at 5.0% for the three months to December (interquartile range: 3.3% to 5.0%). Its early analysis of awards that have or are due to take effect in 2024 reveals a median of 5% across the whole economy (interquartile range: 4.0% to 6.0%).
  • According to the Labour Research Department, the median pay rise in the three months to December was 5.5% across the board.