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UK median full-time pay rises 6.9% to 37,430 pounds, ONS says
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LONDON (Reuters) – The median full-time annual salary in the
LONDON (Reuters) – The median full-time annual salary in the United Kingdom reached 37,430 pounds ($48,603) in April 2024, up 6.9% on a year earlier, according to the country’s most comprehensive annual survey of employee earnings.
Pay rose fastest in the accommodation and food services sector, up 9.8%, while earnings rose by 7.7% for ‘caring, leisure and other services occupations’ and the same amount for ‘sales and customer services occupations’, the Office for National Statistics said.
Median weekly earnings in April were 2.9% higher than a year earlier when adjusted for inflation using the ONS’ preferred inflation index, CPIH.
($1 = 0.7701 pounds)
(Reporting by David Milliken; Editing by William Schomberg)
Median salary is the middle value of annual earnings when all salaries are arranged in order. It represents a typical salary, indicating that half of the workers earn less and half earn more.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured by indices like the Consumer Price Index (CPI).
Weekly earnings refer to the total amount of money earned by an employee in one week, typically calculated by multiplying the hourly wage by the number of hours worked.
The Office for National Statistics (ONS) is the UK's largest independent producer of official statistics, providing essential data on various aspects of the economy, population, and society.
The Consumer Prices Index (CPI) is a measure of inflation that examines the weighted average of prices of a basket of consumer goods and services, used to assess changes in the cost of living.
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