Public-sector workers bring home more on average than private-sector counterparts and are likely to have better pensions
Public-sector workers bring home more on average than their private-sector counterparts and are likely to have better pensions, according to official figures.
Average weekly earnings for full-time public-sector staff were £599 in April last year, compared with £532 in the private sector.
A staggering 93 per cent of those employed by the Government are still in gold-plated final-salary pension schemes, compared with just 13 per cent of those in the private sector.
Best foot forward: A staggering 93 per cent of those employed by the Government are still in gold-plated final-salary pension schemes
Many large firms that in the past offered ‘defined benefit’ pensions – where employees’ retirement incomes are based on their salary when they leave – have shut them.
Most private-sector staff are instead offered inferior ‘defined contribution’ pension plans, where their retirement incomes depend on the returns from stock market investment.
Earnings in the private sector are more polarised – some of the lowest paid workers are employed by private firms, but also some of the highest paid.
In the public sector, wages are more evenly spread across the board. Low-skilled workers tend to be paid more in the public sector whereas the reverse is true for highly-qualified staff.
Women earn less than men on average across the board, the Office for National Statistics said in its annual survey of hours and e arnings. There were also regional variations. Only around 5.9 per cent of workers in London earned near to the National Living Wage of £7.50 an hour, compared with more than 13 per cent in Northern Ireland.