NI ESR Monthly Wage Tracker - Elevated Wage Growth Set to Boost Pensions by 8.5 per cent

Summary

• Private sector regular pay grew by 8.1 per cent in the three months to July– representing one of the largest growth rates seen outside of the pandemic period - while regular pay in the public sector grew by 6.6 per cent. [...] The number of people reported to be inactive because of long-term sickness increased to a record high from 464,225 in the second quarter of 2023 to 491,433 in the three months to July 2023. [...] For example, today’s ONS data highlights that the number of vacancies fell by 64,000 in the three months to July compared to the previous three-month period, bringing the total number of vacancies below the 1 million threshold for the first time in two years. [...] Private sector regular pay grew by 8.1 per cent in this time– representing the one of the largest growth rates seen outside of the pandemic period - while regular pay in the public sector grew by 6.6 per cent. [...] Private-sector regular AWE annual growth was 8.1 per cent in the three months to July (representing the one of the largest growth rates in private sector regular pay outside of the pandemic period) and 7.6 per cent if we include bonuses.

Creators/Authors

Nathaniel Butler-Blondel