The annual increase in regular weekly earnings without bonuses was 6.2% in October to December 2023, according to the Office for National Statistics’ February labour market figures. But when adjusted for inflation using the CPIH measure, regular pay rose by 1.8%.
Taking bonuses into account, annual earnings increased by 5.8% – or 1.4% when adjusted for inflation.
Average weekly earnings were estimated at £669 for total earnings (including bonuses) and £626 for regular earnings in December 2023.
The wholesale, retail, hotels and restaurants sector saw the largest annual increase in regular weekly earnings, at 7.2%. Manufacturing (6.9%) and finance and business services (6.7%) also enjoyed strong pay growth compared with the same period in 2022.
