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Employee Benefits News

Latest News
02 Feb 2015

UK Employees´ Total Pay Sees Year-On-Year Increase Of 1.7%

Newly-released figures from the Office For National Statistics (ONS) reveal that UK employees have earned 1.7% more in total pay than they did a year ago, the Employee Benefits website reports.

According to the statistics from the UK Labour Market, January 2015 report, regular pay for September to November was up even higher, at 1.8% more than the same time 12 months ago.

In fact, average quarterly growth rates for total pay and regular pay have been steadily increasing since May-July last year, the report found. The average regular pay had risen to £455 per week, whilst average total pay (factoring in bonuses) currently stood at £483 per week.

In addition to this, the Consumer Prices Index jumped by 1% in the 12 months between November 2013 and November 2014.

This shows that the gap between pay and the rate of price inflation has widened considerably, meaning that employees are beginning to see some major improvements in their pay.

Commenting on the findings, Tiger Recruitment´s managing director David Morel, explained that workers´ take-home pay is getting better as salaries rise and inflation stands at just 0.5%.

“This, in turn, creates confidence, which feeds back into the economy. It´s proving to be a virtuous circle,” he noted.

As well as this, minimum salary levels have seen an increase and people are beginning to value themselves more highly. With such confidence, he adds, it´s likely that average salaries will increase even more in 2015.

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