Over half of UK workers expect a pay rise in 2023

(2 minutes to read)

CV-Library: ‘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%’.

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%.”

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“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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