The Racehorse Owners Association and Professional Jockeys Association have reached agreement on a 2.8% riding fee increase for 2013.
This will mean the fee for the Flat will be £115.52 (2012: £112.37) and the fee for the jumps will be £157.72 (2012: £153.42) from 1 January.
ROA Chief Executive Richard Wayman said: “We are glad to have come to a fair and reasonable agreement with the PJA that riding fees will increase by 2.8% in 2013.
“The ROA Council recognised the difficult financial situation faced by many jockeys, particularly given the continuing high motoring and fuel costs which make up a significant proportion of their expenses.
“With prize-money expected to improve in 2013, the Council took the view that a rise in line with the cost of living would represent an equitable outcome for both parties in what remain very difficult economic times.”
Professional Jockeys Association Chief Executive Paul Struthers said: “We are pleased to have worked with the ROA and agreed a riding fee increase that is slightly above general wage inflation.
“This rise, combined with the forecast increases in prize money in 2013, will help ease the financial difficulties that many jockeys face as a result of ever increasing costs, reduced opportunities due to declining runners and average field sizes and, like everyone in racing, despite a forecast increase a comparatively poor return from prize-money.”
Owners also contribute 13% on top of the riding fee towards the Professional Riders Insurance Scheme.