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Xpert HR Median Pay Holds Pace in November

UK DATA

November Xpert Median pay awards remains at +6.0% in the three months ending November.

  • This is the eighth time Median Pay hit +6% in 2023, as “over three-quarters of 2023 pay settlements exceeded the awards from the previous year.”
  • XpertHR Senior Content Manager commented, “Over 2023 as a whole, pay awards stood at a median of 6%. The jump from 4% the previous year was a reflection of the high inflation … Inflation is now falling, and we expect the level of pay awards to follow suit. …our prediction for the going rate of pay awards in 2024 sits at 5%.”
  • “Public sector deals continue to outperform the private sector, with a rate of +6.5%.” – which is skewing the overall pay settlements higher.
  • Data published by the ONS last week, showed AWE data softening slightly, although remaining high at levels above +7% 3M/3M across the board. MPC has noted that they think the official AWE data has been overstating wage growth, and continue to monitor survey-based estimates.
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