Workplace Report July 2023

Pay and prices

Median hits 8% but inflation fails to fall

The median pay rise achieved in unionised workplaces in the three months to May was 8% according to LRD Payline. The latest ONS figures also show regular pay excluding bonus payments went up by 7.5% over the year to April. However, RPI inflation remains stubbornly high at 11.3%, showing very little change.

The private sector is still faring better, with a 7.9% rise in Average Weekly Earnings (regular pay), while in the public sector workers achieved 5.8%. Finance and business services saw the biggest rise (9.7% over the year to April). That compared with 7.3% in manufacturing (up from 6.7%) and construction 5.8% (down from 6.1%), and 5.3% (up from 4.9%) in wholesale, retail, hotels and restaurants.