Are you earning the right salary for your age?
There’s no denying that there’s a direct link between age, experience and earnings. As we get older, we learn new skills, become more experienced in our field and command a bigger pay packet – but can you be certain that you’re earning the right salary for your age?
Of course, the average UK salary does differ drastically from industry to industry and the role you hold, but an Annual Survey of Hours and Earnings has calculated an average salary for full-time workers in the UK to be £27,600.
Again, this varies greatly from role to role, sector and geographic location but serves as a basic marker for full-time UK salaries. Interestingly, this rate increased by 1.6% last year as employers struggled to hold on to employees thanks to the wide range of attractive job opportunities flooding the UK labour market.
But what’s the right salary for your age group and how do your earnings measure up against the averages uncovered in the survey?
Late teens / early twenties
For many people in this age group, this position is more than likely to be their first full-time position and workers can expect an income of between £1,270 and £1,361 per month.
As a recent graduate, you can expect to be awarded an annual salary of between £19,000 and £22,000. These figures are influenced by your chosen field and degree grade.
The average monthly earnings of employees between the ages of 22 and 29 is between £1,829 and £1,924. This salary is expected to increase rather quickly at this stage, especially if further training and qualifications are undertaken.
For many employees who work hard during their twenties to upskill and gain more qualifications, they can expect a nice boost to their salaries. The average monthly wage for employees between the ages of 30 and 39 is between £2,331 and £2,535
By now, you’ll have built up years of experience in your role and hopefully fulfilled your potential as an employee. In your forties, you can expect to be rewarded for your industry knowledge and skills with a salary of between £2,258 and £2,830 per month.
For more information on the right salary for your age, speak to a member of the Appointments team today on 01782 338787