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Pay data: three months to January 2024

Various research bodies have published pay data for the three months to the end of January 2024, as well as looking forward over the next year.

  • XpertHR recorded a median basic pay award of 5.1% across the whole economy for the three months to the end of January 2024 (lower quartile -4%; upper quartile - 6.6%).
  • Incomes Data Research shows the median pay award at 5.0% for the three months to January (interquartile range: 4.0% to 5.9%). 
  • According to the Labour Research Department, the median pay rise in the three months up to and including January was 5.3% at the lowest rate and 5% for all other workers.
  • The CIPD’s Winter 2023-24 Labour Market Outlook reveals that, for employers looking to increase, decrease or freeze pay in the next 12 months, median expected basic pay increases have fallen from 5% to 4%. Expected pay awards in the public sector (3%) have fallen below the rate in the private sector (4%).