Average full-time earnings in the Isle of Man increased by 0.7% last year, according to statistics contained in the Government’s annual Earnings Survey.
Compiled and published by the Economic Affairs Division of the Cabinet Office, the survey provides a snapshot of earnings between June 2013 and June 2014 based on a random sample of employees drawn from income tax records.
It shows the average gross weekly pay of full-time employees in the sample was £624, taking into account overtime, shift premiums and bonus payments.
Median pay, the mid-point between what the highest 50% of earners are paid and what the lowest 50% of earners are paid, also increased last year to £546.
Other headline statistics from the Earnings Survey include:
- Overtime, incentive pay and shift premia made up 7.1% of employees’ gross weekly earnings
- Average earnings in the Isle of Man matched those in the United Kingdom, while median earnings were 5.4% higher in the Island than in the UK
- Full-time employees worked an average of 38.1 hours per week, including 1.2 hours of overtime
- 10% of people earned less than £315 per week in gross pay, while 10% earned more than £1,114
Chief Minister Allan Bell MHK welcomed the survey findings as further evidence of the strength of the Isle of Man economy. However, he added that Government would continue its efforts to help lower paid and vulnerable members of the community.
Mr Bell said:
‘The quality and diversity of the Isle of Man’s economy continues to provide good employment prospects and earnings potential. The resilience of our core financial services industry and the rapid growth in sectors such as e-business and high-tech manufacturing are helping to broaden the choice of well-paid careers available to local people.’
He added:
‘I recognise that the survey findings will provide little comfort to people earning much less than the average figure. Some areas of the local economy have struggled in recent years and the nature of employment is also changing, with more job growth at lower pay levels. This Government will continue to act in the best interests of all the people of the Isle of Man. We will maintain a strong focus on economic growth and job creation, as well as progressing proposals announced in this year’s Budget to lift more than 10,000 low-paid people out of the tax net.’
The Chief Minister also expressed his hope that modest wage rises, together with falls in inflation and unemployment, will start to increase household spending power.
He said:
‘I am conscious of the fact that Manx Utilities has announced an increase in its tariffs that will add about £2 a month to the average consumer’s electricity bill. However, with the recent drop in oil prices and continued low inflation, I am cautiously optimistic that the pressure on family incomes will start to ease. This in turn should support spending in the local economy, in particular the retail and catering sectors who have found it difficult in recent years.’
The Isle of Man Earnings Survey 2014 is published on the Government website at http://www.gov.im/categories/working-in-the-isle-of-man/earnings/
