Half of workers are expecting a pay rise of at least 10% next year amid the ongoing cost of living crisis, research suggests.
A survey of 2,000 workers by jobs site CV-Library found that one in six thought their pay would increase by 20%.
Fewer than one in four said they realistically expected a 1-4% wage rise next year.
Lee Biggins, chief executive 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%.
“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.”
Content provided by Radio NewsHub. Originally published on 2022-12-19 06:58:00.