UK regular earnings grow by 5.4% in Q2 ’24

Annual growth in UK employees’ average regular earnings (excluding bonuses) stood at 5.4 per cent in Q2 2024, slightly up from the 5.2 per cent recorded in May to July 2022, according to data released on Tuesday.

Total earnings growth, including bonuses, was 4.5 per cent, though this figure was impacted by comparisons to June 2023, when NHS one-off bonuses were paid.

In real terms, adjusted for inflation using the Consumer Prices Index including owner occupiers’ housing costs (CPIH), annual growth was 2.4 per cent for regular pay and 1.6 per cent for total pay.

The public sector saw a robust annual average regular earnings growth of 6.0 per cent, though down from 6.4 per cent in the previous three-month period.

The private sector experienced 5.2 per cent growth, with the last lower rate recorded in March to May 2022 at 5.1 per cent.

The finance and business services sector led with the highest annual regular earnings growth of 6.2 per cent, while the construction sector reported the lowest at 3.5 per cent.

Attribution: The Office for National Statistics (ONS)

Subediting: M. S. Salama