The latest official statistics show that the long ice age of wage stagnation is grinding on – and that graduate earnings have been in a deep freeze stretching back for the past decade.
Since university tuition fees in England rose to £9,000 there have been recurrent questions about whether it’s still financially advantageous to get a degree.
The Department for Business, Innovation and Skill has published its latest figures on the graduate labour market – and it shows that graduates are still getting a career benefit.
They earn more on average than non-graduates and are much less likely to be unemployed. Postgraduates earn even more and those with higher grades of degrees are paid more than those with lower.
None of that might seem particularly surprising – although there is a slightly worrying rise in graduates in non-graduate jobs.
But the big backdrop – so big that it’s sometimes not seen – is the long-term flatlining in earnings. Employment levels have picked up towards pre-recession levels, but pay is still under a layer of permafrost.
The latest graduate earnings figures track median salaries back to 2006. There was a slight upwards nudge between 2006 and 2008, for young graduates, older graduates and non-graduates – and then for all these groups, there has been barely a flicker.
- Source: Graduates stuck in pay freeze permafrost – BBC News
- Published: April 2016