British Workers Salaries Soar: Record Growth and Gender Gap

British workers have turned silver in the last months of the year. British workers’ weekly wages have seen the biggest increase, according to a comprehensive labor market survey on Wednesday.

Apart from this, the salary of women has increased the most compared to men. The weekly income of full-time employees increased by 6.2% from 12 months to April. This is the fastest increase in salaries this year compared to 1997.

Salary increased, but still, the pocket was loose
According to the news agency Reuters, despite the salary increase, the employees’ pockets have been lost. This has happened due to an even higher jump in inflation in the 12 months to April. According to the Consumer Price Index, the average weekly income of full-time employees fell 1.5% that year.

The increase in weekly earnings was fastest for full-time employees in the private sector, whose earnings grew by a record 7.7%, while their peers in the public sector grew at 3.7%, down from 4.9% a year earlier.

What is the increase in the salary of women and men?
The average weekly salary of all men increased by 6.8%. However, when only full-time employees were considered, the difference in salary increases was small. Women’s average weekly full-time earnings were 13% lower than men’s.

The Office for National Statistics said the largest salary increases were recorded in low-wage occupations, with earnings in care, leisure, and other service occupations accounting for 9.4%. The average gross annual income of all full-time employees has increased by 5.8% to 34,963 pounds. This is a slightly lower growth of 5.9 percent in the 12 months to April 2022.

Bank of England worried
The Bank of England is concerned that the rapid pace of wage increases in the UK could create a wage-price spiral. It is expected that interest rates will be retained in the second consecutive meeting on Thursday and will signal their intention to keep them high. Britain’s monthly official jobs and salary figures have been beset by problems due to the low response rate of individuals to recent surveys.

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