Half of UK workers expect 10% pay rise in 2023

As the cost of living continues to rise in the UK, it looks like workers across all sectors will be pushing for a pay increase to reflect inflation this year.

A survey by CV-Library reveals that more than half (50.6%) of UK workers are realistically expecting a pay rise of 10% or more in 2023.

Lee Biggins, CEO of CV-Library 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%.”

Just over a quarter of respondents expect to get a pay increase of between five and nine per cent, while a little over 16% think they’ll be able to negotiate more than 20%.

Biggins continued, “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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