glorygloryeze
Tom Huddlestone
Some questions/responses to the above bullet points (mine are in bold):There hasn't been a general wage reduction though has there? According to the ONS:
- Employees aged 21 in 1995 earned 40% more after adjusting for inflation by the age of 39 than those aged 21 in 1975 did up to the age of 39
- Average hourly earnings peaked at older ages in 2013 compared to 1975
- The difference between male and female average pay for the under 30s has decreased dramatically since 1975.
- Since 2011 the top 10% of full-time earners have had the largest falls in wages after adjusting for inflation.
- Since 1975 average earnings for full-time employees have more than doubled after accounting for inflation.
- Since the introduction of the National Minimum Wage, wage growth at the bottom of the earnings distribution has been strong for both full and part-time employees.
- Almost a third (32.6%) of those in the top 10% of earners worked in London in 2013 while 12.3% of the bottom 10% of earners worked in the North West
- Hourly wage inequality has fallen across the regions and devolved countries of the UK since 1998
- Employees aged 21 in 1995 earned 40% more after adjusting for inflation by the age of 39 than those aged 21 in 1975 did up to the age of 39: How do those aged 21 this or last year compare with 1995 and 1975?
- Average hourly earnings peaked at older ages in 2013 compared to 1975: What exactly is meant by "older ages"? What age group is this? And is this for all sectors and does it include the millionaire industries sectors of the investment banks, footballers, other sectors of the entertainment industry etc?
- The difference between male and female average pay for the under 30s has decreased dramatically since 1975: Sounds very likely given the demographic changes and the equality laws that have been introduced.
- Since 2011 the top 10% of full-time earners have had the largest falls in wages after adjusting for inflation: To me the real way to judge this stat would be knowing what were the top 10% earnings in comparison to the rest before 2011 and then since 2011. If i earned £10M a year before 2011 and then now earned 5M, that would be a bigger fall than somebody who earned 45K and now earned 30K. I've had the biggest fall but i'm still relatively sitting pretty...
- Since 1975 average earnings for full-time employees have more than doubled after accounting for inflation: Ok. But what proportion of workers are full-time now compared to 1995 and 1975? And, how have their wages faired?
- Since the introduction of the National Minimum Wage, wage growth at the bottom of the earnings distribution has been strong for both full and part-time employees: How has it been changing year-on-year since 1995 and 2010? Have there been peaks and troughs, or has the growth been year-on-year?
- Almost a third (32.6%) of those in the top 10% of earners worked in London in 2013 while 12.3% of the bottom 10% of earners worked in the North West: North-South divide plus an economy weighted towards finance and consultancy/PR sectors alive and kicking?
- Hourly wage inequality has fallen across the regions and devolved countries of the UK since 1998: Interesting, though it may need a closer look: inequality is usually just a measure of the gap between highest and lowest wages. If the highest wages have been going down at a higher rate than the rates that the lowest wages have been reducing then that would be classed as falling inequality.
Few headlines from the above, it's interesting to me that given it's often painted that the Tories are a party of the rich, that since 2011, the top 10% of full-time earners have seen the largest fall in wages after adjusting for inflation. In the context of dza's point of view, i'd point to hourly wage inequality falling across the regions.
Also that wage growth at the bottom of the earnings distribution has remained strong.
Do you have a link to the source of these ONS stats?