Earnings have risen but haven't kept pace with inflation, says report

Annual Earnings Survey is published

Earnings of Manx residents last year went up compared to the year before but they don't seem to have kept pace with inflation.

Government's published its annual Earnings Survey Report.

Before tax the median gross weekly pay of full-time employees in 2023 was £732 compared to £673 in 2022.

However when that rise is adjusted with inflation people still had less money in their pockets.

Although both average and median weekly earnings have increased in nominal terms, compared to 2022, average weekly earnings at constant prices remains below the 10 year high from 2017 and have fallen slightly compared with the previous year.

It's gone from £927 a week to £902. 

The median calculation for earnings at constant prices also shows a fall for those in manual jobs, but non-manual workers saw a small rise.

The median earnings of Manx workers though were 7.3 percent higher than the median in the United Kingdom.

Meanwhile, 15.6 percent of people earned less than the Manx Living Wage which is due to replace statutory minimum wage next April.

1.6 percent of employees were earning less than the minimum wage although that figure has gone down from 4.5 percent in 2022.

Men also are generally earning more than women in the Isle of Man.

While the weekly earnings of both have risen men are earning £35 a week more.

Employees also seem to be getting more of their weekly earnings from working outside their contracted hours.

Overtime, incentive pay and shift premiums made up 5.7 percent of employees' gross weekly earnings, up from 5.3 percent in 2021.

You can see the report here.