UK wage growth has increased almost 3% in the three months to July
- by Career Moves News
- 14 Sep 2018
The Office for National Statistics have said that average wages increased by 2.9 percent in the three months to July, excluding bonuses. Including bonuses, the figure reaches 2.6 percent. Both these increases surpass economists’ expectations which forecasted 2.8 percent growth, excluding bonuses and 2.4 percent growth when bonuses were included.
"Earnings have grown faster than prices for several months, especially looking at pay excluding bonuses," David Freeman, the ONS' head of labour market statistics, said in a statement.
This current increase in average wages across the UK is in large part due to the increase in wages for NHS workers in July.
Average weekly earnings, measures money paid per week, per job to employees in Great Britain in return for work done, before tax and other deductions from pay. Average regular pay, excluding bonuses, for employees in Great Britain was £489 per week before tax and other deductions from pay, up from £475 per week for a year earlier. Including bonuses for employees, the average total pay is up from £504 per week for a year earlier, to £520 before tax and other deductions from pay.
Comparing May to July 2017 and May to July 2018 in nominal terms (not adjusted for price inflation), regular pay increased by 2.9 percent, higher than the growth rate between April to June 2017 and April to June 2018 (2.7 percent). Total pay increased by 2.6 percent higher than the growth rate between April to June 2017 and April to June 2018 (2.4 percent).