Police Officers are set to receive a 7% pay rise from September 1st, but how will it affect your finances?
Prime Minister Rishi Sunak has confirmed that millions of public sector workers are set to receive a pay increase of at least 6%.
Teachers and junior doctors are among the roles to benefit from the boost, but Police Officers will see their pay increase the most with a 7% rise across all ranks. The changes will be effective from 1st September 2023.
This news comes amidst the ongoing cost of living crisis, with the Police Family and the wider working population facing soaring inflation, rising house prices and more expensive food.
How will my pay change?
Below are two examples. Take a look at how the pay rise will affect the salaries of a Constable on pay point 5 and an Inspector, working in the Met, on pay point 1.
It's also worth considering how your earnings could change through a combination of the Government's 7% increase and your own movement up the pay scale as well as other additional allowances plus overtime, where relevant.
Finally, it’s vital that you fully understand your pay and any deductions from it. To get a better understanding of the increases subscribe to our emails download your copy of the 2023/24 Police Pay Scales guide.
When the Police 7% increase comes into effect on 1st September, pay point 0 of the Constable scale will be abolished to relieve some financial pressures on junior Officers.
London Weighting will also be increased by 7% from £2,697 to £2,886 per year.
The Metropolitan Police Service has also confirmed that in addition to the national award, Met Officers will see the London Allowance (for Officers up to and including Chief Superintendent rank) increase by an additional £1,000 per year.
Will the pay rise offset the cost of living crisis?
A report published earlier this year by Social Market Foundation estimated that Police Officers had suffered a 17% pay cut, in real terms, since the year 2000.
Members of the Police Family will undoubtedly have mixed feelings about the 7% pay rise. On one hand, the figure is higher than British media had speculated in the buildup to Mr Sunak’s announcement.
On the other hand, many Officers and Staff will remain concerned about money at a time when many are struggling with mortgages, utility bills and the cost of food.
Annette Petchey, Chief Executive Officer at Metfriendly, commented: “The Police play a critical role in keeping us safe, yet they are putting themselves and potentially others at risk by having to play financial roulette and making difficult choices between paying bills and feeding their family.”
This year’s Metfriendly Police Family Finance Index Report revealed that 86% of respondents were experiencing financial concerns, with a significant increase in the number of people falling short of monetary obligations in the past year.
Almost two-thirds (62%) of respondents have considered stopping their Police Federation subs, whilst over half (51%) have thought about abandoning their pension payments.
Concerningly, the cost of living crisis has forced Police Officers and Staff to revise their financial outgoings. 86% of those surveyed claimed their fiscal situation had worsened throughout the last 12 months and a further 75% think it will continue to get worse.
Sadly, due to the physical and mental stress Officers and Staff are going through, 37% of respondents are thinking of leaving Policing for another career.
In its submission to the PRRB's 2023 pay review, the Metropolitan Police Service included the results of Metfriendly's research as evidence of the financial pressures facing Officers and Staff.
Support is available to you
Police Officers and Staff face a unique challenge, as their responsibilities carry a lot of pressure and they need to be alert, focused and fit to perform their roles effectively. As such, it’s vital that you reach out for support if you feel like it could help you.
To start with, take inventory of your incoming and outgoing money, perhaps with the help of a budget planner. You can find out more information on how to use it and other financial tips by attending one of our family finance webinars. For more details and to book a place please visit metfriendly.org.uk/events .
When it comes to putting food on the table and making the most of your budget, take a look at apps such as Too Good To Go, OLIO and Kitche, all of which can help you to purchase items, or even entire meals, for a fraction of the usual price.
We know that times are extremely challenging, so now is the time to ensure that you're making the most of any resources available to you and your family.
Metfriendly CEO Annette Petchey noted that despite the pressures they are facing, “Officers and Staff across the UK are still trying hard to maintain or start new savings habits to provide buffers for the future, build pots for their children or take advantage of the free Government money that comes with a Lifetime ISA."
When the 7% pay rise takes effect on September 1st, think carefully about what you want to do with that extra income. Do you need to spend it, or could some of it go into savings?
Nick Walter, former Sergeant in the Metropolitan Police and now a Metfriendly Field Officer, talks about his experience in relation to receiving pay rises while servicing and offers his thoughts around what he would say to his younger self.
Finally, it’s vital that you fully understand your pay and any deductions from it. Download your copy of the 2023/24 Police Pay Scales guide and use our guide to the Police payslip.