Full-time earnings rose last year by 3.9%, but fell very slightly by 0.1% when adjusted for inflation, according to statistics contained in the Government’s annual Earnings Survey.
Published by the Government’s Cabinet Office, the survey provides a snapshot of earnings in June 2017 based on a random sample of employees drawn from income tax records.
It shows the median gross weekly pay of full-time employees in the sample was £558, taking into account overtime, shift premiums and bonus payments compared with £537 the year before.
Other headline statistics from the Earnings Survey include:
- Full-time employees worked an average of 37.7 hours per week, including 1.1 hours of overtime.
- Median earnings were 1.4% higher than those in the United Kingdom.
- 14% of employees in 2017 earned less than the Isle of Man Living Wage, down from 16% in 2016, and 5% of employees earned the Minimum Wage.
Minister for Policy and Reform, Chris Thomas MHK, said:
'Our economic growth needs to benefit everyone in their back pockets as this is good for them, good for local business and it makes it easier for Government to sustain high quality public services. Unfortunately - as inflation has ticked up - the real value of earnings has not increased for most people last year.'
'Thus it is vital that Government isn’t complacent and does everything it can to grow jobs, hold down price rises and ease financial pressures at home.'
The Isle of Man Earnings Survey 2017 is published on the Government website at http://www.gov.im/categories/working-in-the-isle-of-man/earnings/
The Earnings Survey is a statutory survey of the earnings received by employees in a set pay period conducted under the Statistics Act 1999.
The survey is of gross earnings before deductions of income tax and national insurance. Gross earnings include overtime, shift premia and payment by results in addition to ‘basic’ pay.
A random sample of employees was drawn from income tax records and a questionnaire was sent to the last known employer of each of the selected employees. Employers were able to complete the questionnaire online or by paper copy.
The information requested related to the pay period which included 14 June 2017
The survey uses the following measures of central tendency:
- Median: The central point in a range of values. In the image below, the earnings of the 5th person would result in the median earnings.
- Average (mean): Earnings are calculated as the sum of earnings in the sample divided by the number of persons in the sample. Averages calculated in this way can be distorted by extreme values which happened last year, so this figure should not be used. In the picture below, the average earnings would be £640, though 4 out of the 5 individuals earn less than this amount.