UK total wage growth eased to 3.9% in the three months to July, down from 4.1% in the previous quarter.

The Office for National Statistics reported that regular average weekly earnings growth remained unchanged at 3.5% for the same period, outpacing inflation by 0.8 points.

Glassdoor senior economist Chris Martin told Fortune that millennials have reached midcareer with earnings that have for the most part peaked, noting that wage growth is now expected to match inflation for the rest of their careers.

Under the triple lock, the 3.9% rise in average earnings is expected to push the full new State Pension from £241.30 a week to around £250.70 in April 2027.