Pay is not the only source of income and the ONS survey only covers pay and not overtime or bonuses. However the picture that emerges from the ONS report issued today shows income rising in the last 25 years but rising faster at the top of the scale. It also shows that the minimum wage has been successful in reducing the gap between the very bottom and the very top since its introduction in 1999.
The top 10% has seen wage growth of 81% in real terms compared with the average rise of 62%, and 47% for the bottom 10%. The top 1% has benefited by growth of 117%.
The good news in the survey is that the bottom 1% has seen a rise above the average, of 70%. The analysis by the ONS gives the credit entirely to the introduction of the minimum wage.
No comments:
Post a Comment