Record-breaking Growth
Good news for workers across the UK as wages continue to rise at an impressive rate. According to the latest figures from the Office for National Statistics (ONS), pay is growing faster than ever before.
Steady Increase
The ONS data reveals that regular pay, excluding bonuses, stood at 7.8% from June to August this year, remaining consistent with previous periods. This is one of the highest annual growth rates since records began in 2001.
Public and Private Sector
Both the public and private sectors experienced significant growth in average total pay, which includes bonuses. The public sector saw an impressive 6.8% annual average regular pay growth, the highest rate since 2001. Meanwhile, the private sector recorded an 8% growth, one of the largest since the onset of the pandemic.
Sector Breakdown
When it comes to specific industries, the finance and business services sector took the lead with a remarkable 9.6% annual growth rate, closely followed by the manufacturing sector at 8%. This marks one of the highest growth rates for manufacturing since 2001.
Positive Outlook
The average weekly earnings for total pay were estimated at around £661, while regular pay stood at £619 in August 2023, showcasing a steady increase in wages. With such promising figures, workers can expect their money to go even further.
Conclusion
As wages continue to rise at a record-breaking pace, workers across the UK can look forward to a boost in their income. With growth rates reaching new heights and sectors thriving, the future looks bright for the economy and employees alike.
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