Pay growth steady in year to Nov 2005
Comparison of pay growth (including and excluding bonuses) with CPI
Average earnings (excluding bonuses), or regular pay, as measured by the Average Earnings Index, rose by 3.8 per cent in the year to November 2005, down from 3.9 per cent in October. Including bonuses, average earnings rose by 3.4 per cent in the year to November, down from 3.6 per cent in October. These figures are an average of the latest three months.
Pay growth including bonuses is affected by some 'one-off' bonuses paid in October 2004 not being paid in 2005 in the financial intermediation sector. Figures based on one month's data shows that pay growth in the year to November 2005 was 3.4 per cent, up from 3.1 per cent in October.
In the year to November 2005, pay growth (excluding bonuses) in the private sector was 3.8 per cent, compared with 4.0 percent for the public sector. Public sector pay growth is at its lowest level since October 2002 when growth was 3.7 per cent. Including bonus payments, private sector growth stood at 3.3 per cent compared with 4.1 per cent for the public sector.
In the year to November 2005, consumer prices increased by 2.3 per cent, which is below the rate of earnings growth.
Note: The figures quoted above are Seasonally Adjusted, 3-month average unless otherwise stated.