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News : UK Economy Last Updated: Dec 16, 2013 - 6:28 AM


UK wage rises below inflation for fifth straight year but gap closing
By Finfacts Team
Dec 13, 2013 - 3:36 AM

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UK wage rises failed to keep pace with inflation for a fifth straight year, according to data issued on Thursday but the gap is closing.

The Office for National Statistics said that In the year to April 2013 the annual increase in median full-time gross weekly earnings, at 2.2%, was slightly lower than the growth in the Consumer Prices Index (CPI), which was 2.4%. This was the fifth consecutive year that the CPI had increased above the growth rate in median weekly earnings after 11 consecutive years in which it was lower. However the gap has narrowed compared with that seen in April 2012.

For the tax year ending 5 April 2013 median gross annual earnings for full-time employees on adult rates who had been in the same job for at least 12 months (including those whose pay was affected by absence) were £27,000. This was an increase of 2.1% compared with £26,500 in the year ending 5 April 2012.

The ONS says that median gross annual earnings for men were £29,300, up 1.9% from 2012, and for women were £23,600, up 2.2%.

The median is the value below which 50% of employees fall. It is ONS's preferred measure of average earnings as it is less affected by a relatively small number of very high earners and the skewed distribution of earnings. It therefore gives a better indication of typical pay than the mean.

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