Wages Rise at Fastest Rate in a Decade

Wages Rise at Fastest Rate in a Decade

According to the latest figures released by the Office for National Statistics, wages in the UK are rising at their fastest level in almost a decade, with the number of people in employment at its highest level since the 1970s.

The figures show that average weekly earnings increased by 3.3% in the year to October, up from 3.1% in the previous month and above the current inflation rate at 2.4%.

The level of employment in the UK also increased at its highest rate since 1971- rising by 72,900 in the three months to October to a grand total of 32.5 million, with the overall unemployment rate remaining steady at 4.1%.

Rob Shaw, Managing Director at Glu Recruit commented: “It is reassuring to see wages continue on an upward growth trajectory not least during the current political and economic uncertainty.

“While a portion of the increased rate of wage growth can be attributed to bonuses paid out in recent months, the increase also reflects increasing demand from employers for labour, employers seeking to attract generation Z who have different priorities coming into the workforce than their predecessors- such as a need for increased stability, training opportunities and an overall higher anticipated salary- and the growth in demand for a living wage.

“The high employment rate inevitably dictates more money in the pockets of the UK’s workforce, boosting the economy as a whole in the process.”

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