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Gloucestershire Business News

Pay increases at highest level since 2008

Rates of pay growth are at their highest level in 13 years, according to the latest figures.

The Office for National Statistics (ONS) reported average weekly earnings were up by 4.7 per cent on 2019 levels, in the three months to December 2020, as reported by Sky.

The big rise suggests that many of those in work were being rewarded for their commitment during the pandemic, as when bonuses were removed, the rate of growth was 4.1 per cent.

The figures also reflect the fact that many people have lost their jobs and are therefore no longer represented in the wage figures. Those in lower-paid jobs in sectors like retail and hospitality have been disproportionately hit by the pandemic.

The Treasury has already spent more than £300bn on supporting the economy during the crisis. The furlough scheme, which is still supporting millions of people's wages, is currently due to end at the end of April.

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