Over half of UK workers expect a pay rise in 2023

A new survey has revealed that just over half of UK workers are realistically expecting a pay rise of 10% or more this year.

Of the 2,000 people questioned for the CV-Library survey:

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

Lee Biggins, Founder and CEO of CV-Library commented on the findings, “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.”

To find out more about contracting please contact Amelia on 01206 591 000 or email amelia.bowlez@contractorumbrella.com.