Its UK labour market: December 2016 report found that the average total pay was £507 a week, before tax and other deductions in pay, in October 2016. This compares to £494 a week in October 2015.
Total pay has increased by 62.9% since January 2000, up from £312 a week. The consumer price index increased by 40.8% over this period.
In nominal terms, regular pay increased by 2.6% between August-October 2015 and August-October 2016.
Average regular pay, excluding bonuses, was £475 a week in October 2016, up from £463 a week in October 2015.
Both regular pay and total pay, adjusted for consumer price inflation, increased by 1.7% between August-October 2015 and August-October 2016.
Rachel Smith, principal labour market adviser at the Confederation of British Industry (CBI), said: “Although wage growth has gone up somewhat, so has inflation, hitting workers’ pay packets in real terms. Boosting productivity in every region and nation of the UK will be essential if firms are to further raise wages sustainably for their employees.”
Lee Biggins, founder and managing director at CV Library, added: “The fact that average weekly earnings increased is an indication that many organisations across the UK are recognising the need to offer fair salaries and not allow pay to stagnate as we navigate our way through unpredictable times post-Brexit.”