An initial look at already-decided pay outcomes for 2023 reveals a median of 5.0% across the whole economy, according to the latest analysis by IDR. This is higher than the median of 4.0% that we observed in 2022 and is influenced by a larger proportion of pay awards worth 5% or more when compared to last year – up from around a third in 2022 to over a half (53%) this year. We have monitored 85 pay awards so far and the results predominantly reflect the picture in the private sector since very few awards at this time of year are in the public sector.
