The ONS’ Employee earnings in the UK: 2024 study is the country’s most comprehensive annual survey of employee earnings.
It found that median weekly earnings for full-time employees were £728 in April 2024, a 6% increase on the year in nominal terms and a 2.9% increase in real terms. The ONS adjusts this figure for inflation using the Consumer Prices Index (CPI) including owner-occupiers’ housing costs (CPIH).
In April 2024, median weekly earnings for full-time employees increased for all major occupational groups, with the largest growth reported in the “caring, leisure and other service occupations” and “sales and customer service occupations” categories, which both increased by 7.7% compared with the previous year.
Also in April 2024, median weekly earnings for full-time employees increased across all sector-level industries when compared with April 2023, with the highest growth in the accommodation and food service activities industry (9.8%).
The news comes as rumours intensify that Chancellor Rachel Reeves could announce an above-inflation rise of the minimum wage in the Budget tomorrow.
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It’s believed the Chancellor will raise the minimum amount by up to 6% for more than a million low-paid workers next year. The move would increase the minimum hourly wage for workers aged 21 and above to about £12.12 per hour.
Reeves is also expected to announce an increase for workers aged 18-20 in a bid to bring their rate closer to the over-21s’ wage.
Calculations by the Trades Union Congress (TUC) found that 18-20-year-olds could be missing out on £2,400 per year due to what it said were “unfair” minimum wage rules.
Since April, the minimum wage has stood at £11.44 and is now paid to workers aged 21 and 22. However, minimum wage workers aged 18-20 are paid almost £3 less per hour, with their minimum wage standing at just £8.60 per hour.
