Almost two-thirds of British workers believe they are not paid enough, according a survey by insurer Unum. On average, workers believe they should be paid £5,250 extra per year, while just two per cent of the 3,250 respondents admitted to being overpaid.
Almost two-thirds of British workers believe they are not paid enough for the work they do, according a survey by insurer Unum. On average, workers believe they should be paid £5,250 extra per year, while just two per cent of the 3,250 respondents admitted to being overpaid.
If the results accurately reflect the UK population, more than a million people think they are worth between £10,000 and £30,000 more than they get, while 129,000 believe their pay packets are light by more than £30,000.
Linton Penman, head of retail marketing at Unum, comments, ‘This research has revealed some astounding facts about how disgruntled the UK workforce is with its wages.
‘The present economic climate means that many people in the UK are likely to be feeling the pinch as they deal with rising food prices, utility bills and fuel costs.’
Although the same proportion of men felt underpaid as women (65 per cent) on average women wanted less of an increase: £4,495 rather than £5,706. People between the ages of 35 and 44, and those living in the North of England, the South West and Wales were most dissatisfied with their wages.
Businesses need to be cautious about awarding pay increases, according to Sam Turvey, spokesperson for the British Chambers of Commerce.
‘Rising inflation and the squeeze on credit means businesses, especially smaller enterprises, will be operating on much tighter margins,’ says Turvey.
‘It’s important that employers ensure fair pay, but maintaining balance is absolutely key. Employers have to be able to cope with the additional financial burden if they’re planning to increase staff salaries.’