Pay continues to rise year on year

Average weekly earnings, excluding bonus payments, rose by 1%, comparing the period between May and July 2013 with the same period a year earlier, according to research by the Office for National Statistics (ONS).

Its Labour Market Statistics, September 2013 report found that, in cash terms, average weekly earnings, excluding bonus payments, stood at £447 in July 2013, before taxes and other deductions from gross pay. This is up from £443 a year earlier.

The average weekly wage, including bonus payments, rose by 1.1%, comparing May to July 2013 with the same period in 2012. At £474 in July 2013, average weekly wages, including bonus payments, were £3 higher when compared with July 2012.

The report stated: “Since 2000, earnings growth, both including and excluding bonuses, has generally been positive. In other words, pay has been increasing year on year.

“The one exception to this is that pay growth, including bonuses, was negative in early 2009. In other words, pay in early 2009 was lower than a year previously. This was during the 2008/09 recession, when there was a large dip in bonus payments, particularly in the financial sector.

“Since 2008, the rate of increase in average earnings has slowed, which means that average pay has been increasing, but at a slower rate than previously.”

ONS: Pay continues to rise year on year