More money in your pocket

Thursday 21 August 2014

Islanders are slightly better off than they were last year according to the latest earnings figures.

The figures showed that average weekly earnings were up 2.6% in the 12 months up to June - slightly higher than the inflation rate of 1.6%, measured by the cost of living.

But the Average Earnings Index showed that different ends of the economy had experienced different fortunes - the wholesale/retail, construction and utilities sectors all saw pay rises slightly below the cost of living rise.

The overall figures mean that Jersey has now seen two consecutive years of improved living standards after three years in which a combination of high inflation and low earnings meant that Islanders were worse off.

Yesterday’s stats also recorded an average full-time wage of £34,840, with the breakdown by sector ranging from £54,600 in finance (including bonus payments) to £19,760 in hotels, restaurants and bars.

Acting Chief Minister Ian Le Marquand said that the figures were one part of an overall picture but that it appeared to be a positive sign.

He said: “There is some good news in as much as this is the second year in a row where average earnings is higher than the cost of living, so that continues the trend and that is positive.

“It is really difficult to tell whether it is the harbinger of growth for the future or not because inflation rates are quite low.”

He added that pensioners would see an above-inflation increase in their pensions for the second year in a row, because the States had agreed to pitch their annual increase at halfway between RPI and average earnings.