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UK ranks at 13 out of top 21 European economies for entry-level salary

Tuesday 19 February 2019 01:14 PM

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Al-Mal:
Entry-level employees in the UK earn a median gross base salary of £22,242, ranking 13th out of the top 21 European economies, according to research by multinational risk management, insurance brokerage and advisory organisation Willis Towers Watson, according to employeebenefits website.

Its Global 50 remuneration planning report, which features data on remuneration practices across 60 major economies worldwide, also found that middle managers in the UK typically receive a gross base salary of £58,833 a year; this ranks 10th out of the top 21 European economies.

When adjusted to account for taxes and local living costs, the UK’s entry-level professionals have a median relative buying power of £22,165, ranking 8th, while middle managers have a buying power of £42,690, which places 6th out of the top 21 European economies.

Hazel Rees (pictured), GB leader, rewards line of business at Willis Towers Watson, said: “The UK’s improved performance in the rankings, when purchasing power is taken into account, demonstrates the positive impact of a lower tax and cost of living burden on cash compensation in the UK compared to much of continental Europe.

“This approach is also a driver behind some common differences in reward design practised in the UK versus the rest of Europe, such as the use of car allowances instead of grants and the comparatively lighter use of voluntary fringe benefits.”




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