The median pay award across the economy has risen from 5.0% in the three months to March to 5.6% for the three months to April 2023, according to our recent analysis. This significant change is the result of a growing proportion of high-end awards worth 6% or more. Nearly half of all increases across the economy occurred in the 6%-plus bracket (up from around two-fifths in March) and just over a third of the increases in this particular category were worth between 6% and 6.99%. This change has also pushed the upper quartile of awards from 6.0% in March to 7.9%. Pay rises at this level are common across the economy as inflation remains elevated (despite the recent fall in measures) and labour markets are still tight. The recent uplift in the National Living Wage (NLW) has also influenced the rising median.
