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Highlights

• Median pay rises hold at 3 per cent the lowest level in nearly four years, IDR survey shows.
• Public sector wages overtake private with 4 per cent median awards as workers catch up after years of lag.
• Employers plan cautious settlements amid budget uncertainty and rising social security costs.

British workers are seeing pay settlements remain at their lowest level in nearly four years, with median pay rises holding steady at 3 per cent in the three months to September, according to new research.

The figures from Incomes Data Research (IDR), released ahead of the Bank of England's interest rate decision, show pay awards have stayed at the joint lowest level since December 2021. The survey covered 35 pay deals affecting nearly 800,000 employees between July and September.