A recent analysis conducted by the Telegraph of official data has revealed that finance and insurance workers are leading the pack in terms of bonus pay, taking home an average of £18,000 per year. This is double the amount earned by individuals in other industries, according to the Office of National Statistics (ONS).
Education professionals received the smallest bonuses, averaging just £94 per month, followed by hospitality workers at £442 and health and social workers at £535. These findings highlight the significant disparity in bonus remuneration across different sectors.
Recent data from the ONS also indicated a notable slowdown in wage growth, dropping from 8% to 7.2% – the sharpest decline in almost two years. Moreover, job vacancies decreased by 45,000 in the September to November period, amounting to a total of 949,000 vacancies.
Despite these trends, wage growth continues at a pace that precludes the Bank of England from lowering interest rates. The recent decision to maintain the base rate at 5.25% underscores this point, with Bank Governor Andrew Bailey cautioning that the country still has a way to go in addressing inflation concerns.
Moreover, job site Adzuna reported a significant decline in both salaries and job vacancies, with UK job adverts dropping by 2.72% in November compared to October, and a staggering 8.55% decrease from the previous year. The site also noted a concerning lack of salary transparency in 2023, with less than half of job advertisements disclosing pay since July.
However, amidst the reported decline in bonus pay, there has been a surge in teaching roles, with November seeing the highest year-on-year increase in teaching vacancies. This upward trend has resulted in 120,000 teaching vacancies listed in June, marking a 34% increase from the previous year.
In the midst of these revelations, it is noteworthy that bonuses continue to play a significant role in the overall earnings of workers in certain industries. For instance, bonus payments constitute 20% of the total earnings for finance and insurance workers, with information and communication following at 12%, and mining and quarrying at 11%.
Additionally, the recent scrapping of the cap on bankers’ bonuses, as part of post-Brexit reforms, has further heightened the significance of bonus pay in the finance sector. This development has undoubtedly contributed to the substantial bonus earnings of workers in this industry.
An analysis of ONS data spanning the last two decades indicates minimal changes in bonus payments across various sectors. However, the health sector and public administration workers have seen the most significant increase in bonuses over the past year, signifying a shift in remuneration trends within these specific fields.
In conclusion, the recent analysis of bonus pay across diverse industries has shed light on the disparities and trends shaping the labour market in 2023. The significant differences in bonus remuneration, coupled with ongoing shifts in wage growth and job vacancies, underscore the dynamic nature of the UK’s employment landscape.
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