{"id":7558,"date":"2024-07-24T08:00:00","date_gmt":"2024-07-24T08:00:00","guid":{"rendered":"https:\/\/www.brightmine.com\/uk\/?post_type=resources&p=7558"},"modified":"2026-04-27T16:54:33","modified_gmt":"2026-04-27T16:54:33","slug":"pay-trends-july-2024","status":"publish","type":"resources","link":"https:\/\/www.brightmine.com\/uk\/resources\/total-rewards\/pay-trends\/pay-trends-july-2024\/","title":{"rendered":"Pay Trends July 2024: National Living Wage changes keep pay awards at 4.9%"},"content":{"rendered":"\n
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by Brightmine<\/strong><\/p>\n\n\n\n

The latest data from Brightmine (formerly XpertHR), HR data and insights provider, shows the median basic pay award in the three months to the end of June 2024 was 4.9%, unchanged from the previous rolling quarter\u2019s revised figure.<\/p>\n\n\n\n

With the Bank of England reaching their 2% inflation target in May \u2013 a significant drop from the 11.1% peak in October 2022 \u2013 pay awards are expected to continue to adjust accordingly, with Brightmine predicting a decrease in pay settlement levels in 2025.<\/p>\n\n\n\n

After two years of relatively high national minimum wage increases, Brightmine previously anticipated more modest rises in April 2025. However, with the new Labour government proposing changing the Low Pay Commission’s remit to consider the cost of living alongside median wages and economic conditions, plus the removal of age-based minimum wage rates for adults, employers could face higher costs and may have to make significant changes to pay rates for some employees.<\/p>\n\n\n\n

\u201cOur headline measures indicate broad stability of pay awards and we can expect this pattern to persist throughout the year. Settlements are more tightly bunched compared to this time last year, with fewer exceptionally high pay awards being observed. As we continue to see inflation levels stabilise, we foresee a more consistent and predictable approach to employee compensation moving forward.

\u201cThe Government typically announces uplifts to the national minimum wage rates in November each year. Organisations with employees paid these rates can start to model what the proposed changes would mean in terms of their pay budgets, particularly if the removal of the age-based adult rates is confirmed.\u201d<\/p>Sheila Attwood, Brightmine senior content manager, data and HR insights, Brightmine<\/cite><\/blockquote><\/figure>\n\n\n\n

Latest rolling quarter findings<\/h2>\n\n\n\n

Based on 145 pay settlements that came into effect in the three months between 1 April and 30 June 2024, covering 370,339 employees, Brightmine found:<\/p>\n\n\n\n