Majority of UK workers expect a pay rise in the new year

With the cost-of-living crisis continuing to have such an impact on employees and businesses alike, latest findings show that the majority of UK workers are expecting a pay rise in 2023.

The CV-Library survey of 2,000 workers revealed that more than half of workers (50.6%) expect this pay rise to be 10% or more.

The findings in full show that:

• 8% realistically expect a 1-4% pay increase in 2023
• 6% realistically expect a 5-9% pay increase in 2023
• 2% realistically expect a 10-14% pay increase in 2023
• 8% realistically expect a 15-19% pay increase in 2023
• 6% realistically expect a 20%+ pay increase in 2023

Founder and CEO of CV-Library, Lee Biggins, said, “To expect a pay increase of more than 10% a year would have previously been a pipe dream or the result of a promotion rather than a realistic expectation but, it’s been 40 years since inflation has hit 11%.

“Businesses cannot be expected to fully bridge the cost-of-living gaps for their staff. They also face unprecedented cost increases, and much uncertainty lies ahead.

“Recruitment is still critical for many, and staff retention is a priority. Company culture, recognition, along with other benefits and incentives play a big part but there’s no escaping that salaries are going to be a key driver in 2023.

“The Government needs to step in and take further action, not only to safeguard British businesses but to kickstart growth in the economy.”

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