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Job hunters in the UK are now back in the driving seat. A growing UK skills shortage means you should now be reviewing your worth to your present employer and potential future employers in UK. If wages rise faster in the UK more people will have more money to spend and businesses and good employers will grow faster more sustainably. The UK economy will grow faster. Its your duty to the country to look at other employers job offers and get a pay rise!
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6th April 2019 UK Pay Rise From April
From April 2019 the national living and minimum wage will increase.
- National Living Wage increasing for £7.83 to £8.21
- National Minimum Wage will go up to £7.70 per hour for workers aged between 21 and 24, and £6.15 per hour for those aged between 18 and 20.
- Tax free Personal Allowance has been increased from £11850 to £12500
- Upper Threshold has increased to £50000 for higher rate taxpayers
Minimum contributions into workplace pensions are increasing to 8%. Employees will have to increase workplace contributions to up to 5 percent. Increased UK pension contributions will hopefully lead to increased pensions upon retirement in future.
19th February 2019 Employment Rate In UK Highest Since 1971 which is when records began
According to the Office for National Statistics ONS UK employment rate is the highest since 1971 during the period October to December 2018.
UK unemployment rate remains lowest since 1975 at 4 percent.
UK weekly average earnings rose 3.4 percent. Real wages in UK adjusted for inflation are now at the highest level since March 2011.
Job vacancies in the UK are at the highest level since records began. This means wage increases in the UK will continue to outstrip inflation in UK as employers face a skills gap crisis and have to pay more to attract and retain employees.
22nd January 2019 Number Of People In Work In UK At Record High
According to the UK Office for National Statistics ONS a record high of 32.54 million people are working in UK.
Average UK earnings increased by 3.4% in the year to November. UK wages are growing faster than the cost of living. On average the standard of living in UK continues to rise indeed is accelerating as wages are rising faster and the cost of living increase is slowing.
In addition the number of job vacancies rose by 10000 to a record high of 853000.
13th November 2018 Wages In UK Increasing At Fastest Rate Since 2008
The UK unemployment rate has increased slightly but wages are increasing at faster rate. The unemployment rate increased to 4.1 percent.
Average weekly earnings excluding bonuses rose by 3.2 percent on the year in the third quarter of 2018 which is biggest rise since the fourth quarter of 2008
The Bank of England BoE is forecasting wage growth at 3.25 percent by late 2019.
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14th August 2018 UK Youth Unemployment At Lowest Level Since Records Began in 1992
In the age group 16 to 24 in the second quarter of 2018 the number of people who were unemployed was the lowest since record began in 1992.
The total number of unemployed in the UK fell to lowest level since 1976.
The unemployment rate in the second quarter of 2018 fell to 4 percent according to the Office for National Statistics ONS which is the lowest unemployment rate since early 1975.
UK job vacancies increased to a record high of 829000.
UK average wages were increasing by 2.4 percent in June 2018 down from 2.5 percent in May 2018.
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Recommended Further Reading
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