 has revealed that basic pay is still growing at its fastest rate on record. Growth in employees' average total pay, including bonuses, was 6.9% and growth in regular pay, excluding bonuses, was 7.3% in March to May 2023. It comes after last month the ONS revealed growth in total pay was 6.5% and growth in regular pay was 7.2% among employees in February to April 2023. The fresh figures mean it's good news for households who are battling rising costs due to high inflation. Meanwhile, the UK's rate of inflation remains high at 8.7%. Darren Morgan, director of economic statistics at the ONS, said: "Pay excluding bonuses has again risen at record levels in cash terms. "Due to high inflation, however, the real value of weekly earnings are still falling, although now at its slowest rate since the end of 2021.' After taking inflation into account, average pay including bonuses fell by 1.2% in the year to March to May 2023, or 0.8% excluding bonuses. Meanwhile, the unemployment rate for March to May 2023 increased by 0.2 percentage points on the quarter to 4% from 3.8%.){kind=link}
WAGES are continuing to rise for millions of workers across the UK.
Official figures released today by the Office for National Statistics (ONS) have revealed that basic pay is still growing at its fastest rate on record.
Growth in employees’ average total pay, including bonuses, was 6.9% and growth in regular pay, excluding bonuses, was 7.3% in March to May 2023.
This, along with last month, is the joint highest rate since records began in 2001.
It comes after last month the ONS revealed growth in total pay was 6.5% and growth in regular pay was 7.2% among employees in February to April 2023.