Current Pay Trends:
Median pay awards held steady at 4% for the fifth consecutive month (down from 6% in 2023).Pay growth likely to slow in 2025 due to higher employer taxes and a 7% minimum wage increase starting in April.Brightmine forecasts median pay awards at 3% for 2025, down from 4.5% for 2024.
Economic Context:
Rising wage pressures persist; official data shows earnings growth accelerating.Bank of England expected to hold interest rates in December (the meeting is Thursdat this week); inflation outlook depends on employer responses to fiscal changes.40% of employers surveyed plan to reduce salary budgets following the government’s budget measures.
Survey Details:
Based on 22 pay awards (Sept–Nov), covering approximately 227,000 employees.Bank of England due Thursday, December 19, 2024:
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