Average salary in the UK in 2024 – An ultimate guide

CareerPopular articles
09 Jan 2024
11 mins read
Written by pranit

The life of an expat can be an amazing experience. And, if you are looking for a destination which offers a unique opportunity to broaden your horizons, offers you a high prospect of growth at work, and diverse cultures, the United Kingdom (UK) is undoubtedly one of the top chosen destinations. Working in the UK comes with a host of perks, including a strong economy leading to high standards of living with incredible growth opportunities, excellent health services, super transportation facilities and much more.

 

The United Kingdom includes the island of Great Britain (England, Scotland, Wales and the northern portion of the island of Ireland). So, if you plan to move to this beautiful country, it is essential to learn more about their labour laws, work regulations, and average salary in your industry. As one of the strongest and most stable economies of the world, the average salary in the UK is also counted among the best. Moreover, knowing about the pay scale in the UK is always a good idea.

 

The article below discusses the average income in the UK in different industries and job profiles. It shall also focus on the provincial salary variations and the key factors that affect an individual’s income in the UK.

 

Key Statistics:

  • According to data from the OECD (Organization for Economic Co-operation and Development), the UK stands at the 12th position among the countries with the highest annual average wages. The average wage in the UK in 2022 was 53,985 USD.
  • As per the data released by the Office of National Statistics, average weekly earnings in Great Britain for regular pay were £617 and for total pay was £664 in August 2023.
  • For the period June to August 2023, the annual regular pay growth in the public sector in Great Britain has shown the highest growth rate since the records began in January 2001.
  • Morgan McKinley’s 2024 UK Salary Guide states that the average salary in the UK per month for a full-time worker is £2,916.66 (pre-tax).

Factors Affecting Salaries

If you are looking for a job in the UK or anywhere in the world, do you know employers often pay a premium to candidates with higher education or enriched experience? Some individuals benefit more monetarily by working in a larger company. Based on the compensation policy of an organisation, candidates are usually offered a particular salary. However, once you are aware of important factors that affect your salary, you may be in a position to have a more meaningful negotiation with your employer.

 

  • Experience: The more experience, the higher the pay. But it depends a lot on the job profile. If the employers require someone with 5 years of experience, and you have a 10-year of experience, you might not get the job or your expected salary. Selecting a job that does justice to your expertise is important.
  • Education: Salary by education level is pivotal in determining your pay scale in the UK. That said, the quality of education can highly affect your pay.
  • Location: Typically, metropolitan and major cities offer higher salaries for the same job than the rest since the cost of living in these cities is higher.
  • Economic factors affecting salaries: Factors like demand and supply of workforce in the job market, government policies, prevailing interest rates, etc., can impact your regular pay.
  • Working conditions: Certain jobs require individuals to perform tasks which may expose them to certain health risks. Labour unions also impact these jobs greatly. All these factors can together affect your salary in the UK.
  • Employer: The ability of the employer to pay is an important salary determinant. For example, a large company may pay more than a start-up or mid-sized organisation for a similar role. The employer’s clientele, industry, etc., also determines your basic salary in the UK.

Industry Wise Average Weekly Salary in the UK (Full-Time Employees)

Below is the industry-wise average salary data of the UK for 2023 (not seasonally adjusted).

 

Industry

Average Weekly Earnings in £ 

(2023)

Financial & Insurance Activities

1356

Mining & Quarrying

1228

Information & Communication

1134

Professional, Scientific & Technical Activities

954

Chemicals & Man-made Fibres

908

Electricity, Gas & Water Supply

829

Engineering & Allied Industries

796

Wholesale Trade

761

Construction

723

Basic Metals & Metal Products

703

Public Administration

694

Transport & Storage

685

Real Estate Activities

645

Other Manufacturing

633

Food Products, Beverage and Tobacco

611

Administrative & Support Service Activities

574

Health & Social Work

547

Education

535

Textiles, Leather & Clothing

496

Agriculture, Forestry & Fishing

482

Other Service Activities

468

Arts, Entertainment & Recreation

467

Retail Trade & Repairs

408

Accommodation & Food Service Activities

309

Source: Office of National Statistics

Average Salary for Full–Time Workers in the UK

There is a lot of confusion between the terms average salary and median salary. Many times, they are used interchangeably to understand a particular data set. However, they both mean anything but the same. Hence, to understand the average salary in the UK, let us first learn how it differs from the UK median income.

 

As the word suggests, the average salary for a group is calculated by adding all the salaries and dividing it by the total employees in that group. On the other hand, median salary is calculated by arranging the salaries in the group in ascending or descending order and finding the middle point of the distribution.

 

In the charts below, we shall look at the average wage in the UK in different sectors. The table below shows the UK salary comparison to learn which sectors/profiles offer the highest average salary in the UK.

 

Sector

Average Salary in the UK Per Year (£)

Average Salary in the UK Per Month (£)

Healthcare, Pharmaceutical & Social Services

45,233

3,769

Information Technology

41,283

3,440

Engineering

40,434

3,370

Science

37,158

3,096

Banking, Finance & Insurance

35,909

2,992

Source: Talent

 

Must Read: Moving to UK? 5 challenges to conquer during your adventure

 

Let us now look at the average wage in the UK in the top 5 jobs in each sector.

 

Sector 1: Healthcare, Pharmaceutical & Social Services

Source: Talent

 
Sector 2: Information Technology

Avg Annual Salary - IT Sector

Source: Talent

 
Sector 3: Engineering

Avg Annual Salary - Engineering Sector

Source: Talent

 
Sector 4: Science

Avg Annual Salary - Science Sector

Source: Talent

 
Sector 5: Banking, Finance & Insurance

Avg Annual Salary - BFSI Sector

Source: Talent

Average Salary for Part-Time Worker in the UK

According to the UK Labour Market Statistics released on 12 September 2023, during the period May to July 2023, around 24.42 million people were employed for full-time roles, whereas 8.46 million were part-time employees. The report also mentions that part-time employees have been the main driving factor of employment growth over the last year in the UK. Furthermore, according to Statista, the UK median income for part-time employees in 2022 was £12,247 annually.

 

This shows the demand for part-time roles in the UK is high. One main contributor to this is the international students working part-time in the UK. The United Kingdom (UK), one of the most expensive places to live, offers multiple part-time job opportunities to students. Students typically prefer working part-time as the earning helps them manage their expenses, get experience at work, get exposure to various cultures, etc.

 

Major sectors where part-time recruitment takes place in the UK include:

 

  • Hospitality and catering
  • Retail
  • Administration
  • Logistics/ delivery
  • Customer Service

 

The above sectors offer ample part-time opportunities to students and others. Many individuals also prefer working part-time at more than one job. Students and others (homeworkers and others) usually prefer part-time jobs since they have flexible schedules. The average per-hour salary in the UK for a part-time worker is £13.11 or £25,568 annually. Additionally, it must be noted that these salaries may vary from one person to another based on the job profile, industry, location, etc.

 

Must Read: Top 8 reasons to study in the UK in 2024 

 

The top 5 highest-paying part-time jobs for students in the UK are:

 

Type of Job

Average Pay Per Hour

Tutor

£15 – £30

Dog Walker

£12.50

Waiter

£12

Customer Service Representative

£11

Translator

£10 – £20

 

You can read our blog on Top Part-Time Jobs for Students in The United Kingdom (2024) to learn more about the highest-paying part-time jobs in the UK.

Average Salary in the UK: Region Wise

A report on Average Earnings by Age and Region as of April 2022 by the UK Parliament mentions that the inflation-adjusted median weekly salary for full-time employees in the UK was £640. Below are the region-wise provincial salary variations in the UK.

 

Region

Weekly UK Median Income

London

£765

South East

£685

East

£668

Scotland

£640

South West

£620

West Mid

£613

East Mid

£604

North West

£604

Wales

£604

Yorks & Humber

£594

Northern Ireland

£591

North East

£580

Highest Paying Jobs in the UK

When you decide on a career path, two main aspects encourage you to choose a particular field. Your passion for the field and the pay. Here’s a look at some of the highest-paying jobs in the UK.

 

Job Title

Average Annual Salary

Chief Financial Officer (CFO)

£124,677

Vice President of Sales

£98,687

Orthodontist

£94,658

Nephrologist

£94,118

Ophthalmologist

£93,331

Source: Indeed

 

Must Read: 12 must have apps for newbies in United Kingdom

Lowest/Minimum Paying Jobs in the UK

Before we know about jobs that have the lowest average salary in the UK, it is essential to understand the minimum wage in the country. The minimum wage is the amount an employer is legally required to pay his employees. The minimum wage may vary from one employee to another based on age and apprenticeship status. The UK government sets the National Minimum Wage in the UK every year (1 April) based on the recommendations from the Low Pay Commission.

 

Age

Minimum Wage Per Hour

23 and over

£10.42

21 to 22

£10.18

18 to 20

£7.49

Under 18

£5.28

Apprentice

£5.28

 

Some of the lowest-paying jobs in the UK are:

 

Job Position

Average Yearly Salary In the UK

Cleaner

£10,635

Teaching Assistant

£12,291

Pharmacy Dispenser

£12,920

Catering Assistant

£13,500

Beautician and hair stylist

£14,449

 

Most of these wages mentioned above are for part-time roles. Many individuals opt for multiple part-time jobs to make ends meet. Students are the main contributors to part-time jobs, and the salary data in the UK mentioned above is basic salary excluding tipping.

Salary in relative experience

Experience at work is one of the crucial factors affecting pay scale in the UK. Technically, employers consider experience as one of the important factors or indicators for hiring a new employee in a similar role or industry. Hence, based on the number of years of relevant experience, an individual may or may not qualify for a certain job profile. However, it is equally important to understand that experience is not the only factor affecting your salary.

 

Experience plays a major role, typically when an individual plans to switch jobs. Your performance, adaptability and handling challenges are key indicators during appraisal season within an organisation.

 

As per a report by Emolument.com, the raise in salary based on experience varies depending on the field. For example, a marketing professional may get around a 75% hike in salary after an experience of 5 years. In comparison, an accounting professional with the same number of experience may attract a 67% hike in basic salary in the UK.

 

Consider the table below to understand salary data in the UK vis-à-vis experience.

 

Field

Annual Average Salary in the UK

Less than 5 years

5 to 10 years

10 to 15 years

Above 15 years

Finance

£67,000

£152,000

£240,000

£304,000

Accounting

£31,000

£52,000

£67,000

£97,000

Marketing

£32,000

£56,000

£93,000

£121,000

HR

£36,000

£55,000

£102,000

£124,000

Media

£36,000

£66,000

£96,000

£135,000

Before you go…

The United Kingdom offers ample and unique opportunities for individuals looking to kick-start their careers to broaden their horizons. The country is known for its strong technology and well-established finance sectors. The average salary in the UK per month varies widely across sectors, job profiles, geographical locations, education and experience levels. Hence, knowing the UK salary trends can help you understand what to expect in different roles.

 

Another aspect to know for individuals planning to move to the UK for employment is how to send money from the UK to their home country. Instarem is a hassle-free, fast* and cost-efficient# cross-border payment tool that can help you transfer money instantly to more than 60 countries. Moreover, you can use our currency converter tool to learn the exact amount the recipient would receive in exchange for the amount transferred from your end. We provide complete transparency without any hidden costs, a better exchange rate and the opportunity to earn rewards on every transaction.

 

send money instarem

*rates are for display purposes only

 

Try Instarem for your next transfer.

 

Download the app or sign up here.

 

Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.

About Instarem

Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.