Pay trends August 2024: Pay awards drop back
Author: Amy Bosley
The latest Brightmine analysis shows a slowdown in pay growth overall, with the median pay award returning to the lowest level seen this year.
Key points
- For the three months to the end of July, the median basic pay award stands at 4.5%, down from the previous three rolling quarters where it stood at 5% (revised).
- The most common basic pay award is 5%, given in nearly one-third of all settlements.
- Almost three-quarters (73.1%) of pay deals are worth less than last year's deals, based on a matched sample.
In this article, we examine the 48 pay settlements that came into effect between May and July 2024, as well as details of all pay awards effective for the year to date. We also take a more detailed look at public-sector settlements, following the Labour government's acceptance of several public-sector pay review body recommendations.
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