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Highlights
- According to ONS, inflation-adjusted real wages tumbled by 2.6% in the year to April.
- This was the strongest decline since the 3.3% fall witnessed through the 2010 financial crisis.
- By the end of the 2021-22 tax year, the average yearly pay for full-time workers surged to £33,000, with the average weekly wages of full-time workers rising by 5% in April 2022.
Already reeling under the escalating cost of living squeeze, households are facing extra pressure, with the UK pay plunging at the fastest speed since 2010. According to the latest figures released by the Office for National Statistics (ONS), the inflation-adjusted real wages tumbled by 2.6% in the year to April. This was the strongest decline since the 3.3% fall witnessed through the 2010 financial crisis.
On Wednesday, ONS’s survey of earnings unveiled that the median UK wage in April stood at £640 per week. This is more than last year’s median wage of £610. The main driver of this growth was the post-Covid recovery of the hospitality sector.
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While businesses in the service sector claimed that they had to give away better wages to attract more staff, the wages in the sectors like food services and accommodation went up the last year. An income boost was also given to lesser-paying jobs like factory and heavy industry labourers.
By the end of the 2021-22 tax year, the average yearly pay for full-time workers surged to £33,000 with the average weekly wages of full-time workers rising by 5% in April 2022 compared with April 2021. This is the highest growth seen since records started in 1997. However, it was somewhat impacted by workers on furlough in April last year.
While real pay goes down, investors can keep an eye on the following dividend-paying stocks trading on the London Stock Exchange to generate a passive income stream.
Diversified Energy Company plc (LON: DEC)
The YTD (year to date) return of the oil and gas producer, Diversified Energy Company plc, stands at 23.85% as of Thursday. Meanwhile, its annual return and EPS (earning per share) stand at 10.70% and -0.41, respectively. DEC shares were rallying by 0.16% at around 11:20 AM (GMT+1) on 27 October, trading at GBX 129.00. The market capitalisation of the FTSE250-listed firm stands at £1,087.52 million at the time of writing. Diversified Energy Company at present has a turnover of £149,657.98 and offers an annual dividend yield of 11.5%.
Bank of Georgia Group plc (LON: BGEO)
The YTD return of the UK-incorporated systemically critical banking group, Bank of Georgia Group plc, stands at 28.30% as of Thursday. Meanwhile, its annual return and EPS stand at 38.06% and 15.22, respectively. BGEO shares fell by 0.93% at around 11:30 AM (GMT+1) on 27 October, trading at GBX 2,140.00. The market capitalisation of the FTSE250-listed firm stands at £1,034.89 million at the time of writing. Bank of Georgia Group currently has a turnover of £163,294.25 and offers an annual dividend yield of 6.9%.
Imperial Brands plc (LON: IMB)
The YTD return of the prominent tobacco making firm, Imperial Brands plc, stands at 30.09% as of Thursday. Meanwhile, its annual return and EPS stand at 33.50% and 15.22, respectively. IMB shares surge by 0.05% at around 11:40 AM (GMT+1) on 27 October, trading at GBX 2,108.00. The market capitalisation of the FTSE100-listed firm stands at £19,971.18 million at the time of writing. Imperial Brands, at present, has a turnover of £5,953,077.54 and offers an annual dividend yield of 6.6%.
