Zoe Woolacott | 30 Mar 2022

Growing proportion of higher-end pay rises worth 3% or more

The median pay award across the economy has remained steady at 3.0% for the three months to February 2022, according to the latest analysis from IDR. The proportion of higher-end awards, those worth 3% or more, has continued to rise and now represents 56% of our sample – up from 52% in January. At the lower end, the proportion of increases below 2% and pay freezes remains small. This has helped to push the lower quartile of awards up from 2.2% to 2.5% in our latest sample, which is based on 63 pay awards effective between 1 December 2021 and 28 February 2022, covering over 240,000 employees in total. The broad picture is characterised by clusters of awards, including those at relatively high levels for the first time, reflecting the influence of increases in the cost of living as well as labour market changes.

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