The growth rate of UK full-time median salary hits the lowest level since 2021

(1) The UK official annual survey on working hours and income shows that for the 12 months ending in April, the median pre-tax annual salary for full-time employees rose by 4.3% year-on-year to £40,620. The previous increase was 4.5%, marking the lowest annual growth since 2021. (2) In April, full-time weekly wages increased by 5.6% year-on-year, while part-time weekly wages rose by 2.7%. The weaker growth in part-time income is related to reduced weekly working hours among the part-time workforce. Managerial salary growth was the fastest at 6.5%, while frontline manufacturing workers saw a 4.0% increase. (3) The gender pay gap among full-time employees narrowed to 6.6%, compared to 7.1% in the same period last year. This indicator does not adjust for differences in job roles, qualifications, or education. (4) The Bank of England continues to monitor wage data, and generally believes that sustained significant wage growth above 2.9% will increase resistance to inflation returning to the 2% target. (5) The UK government will announce the minimum wage standard for 2027 next week. This April, the minimum wage was increased by 3.9% to £12.62 per hour. Additionally, small-sample monthly statistics show that the weekly wage increase in August was 3.0% year-on-year, with a three-month average of 3.5%.