In the period from June 2019 to June 2020 weekly average earnings rose by 1.1%, a real-terms increase of 0.5% when adjusted to take account of the impact of inflation. This was at its lowest for five years at the end of June this year.
The increase follows two successive years in which the value of earnings fell in real terms, but the latest figures also show the disparity in the 12-month period between increased earnings in the public and private sector, with an increase of 3.3% in the public sector compared with 0.7% in the private.
Assistant Economic Development Minister Steve Pallett said: ‘I welcome the publication of the Average Earnings Report for June 2020, which provides a vital insight into the Island’s economy. While it’s pleasing to see that on average earnings have continued to rise, the statistics do highlight disparities between sectors.
‘These disparities suggest that we need to continue our work to create a vibrant economy, which works for employees in a range of sectors.’
The figures also confirm the extent to which earnings have flat-lined when viewed over the last ten years, with an overall decrease in real-terms value of 0.8% since 2010.
Full-time workers earned an average of £780 per week, although when the impact of higher earners is taken into account, the data shows that half of the Island’s workers earned less than £610.