Financial managers have to pay their workers on time and the amount they expect to receive, according to a report by the Financial Accounting Standards Board (FASB).
The report, released in the summer, has highlighted that the UK is not only one of the most expensive countries in the world to work in, but also one of those where companies are struggling to keep up with inflation.
The FASB said the average UK salary was £17,000 a year, but it is expected to rise to £23,000 by 2021, with the average salary rising to £28,000.
It said that workers earning £27,000 or less will receive a £1,000 rebate on the amount paid to them.
The report also found that companies are paying more in benefits and sick pay than in salaries, but there is a gap between those who work and those who do not.
The average pay for full-time workers rose by 5% last year, from £17.40 an hour to £18.15.
However, the amount received by full-timers who worked less than five hours a week fell by 1% from £9,000 to £7,500, with full-timer earnings rising by 8% to £13,000 per year.
The figures also show that the average annual pay rise for full time employees is 4.4%, and the median is 1.6%.
The average annual increase in the average pay of full time workers is 3.9%, the report said.
The median rise is 2.5%.
However, the report also highlighted that full-term workers are more likely to be paid more than part-time and temporary workers.
It said: ‘Full-time employees have the highest average weekly earnings and are the most likely to receive a premium, with an average annual premium of 5.1% on the £2,500 to £3,000 wage.’
Part-time, temporary and contingent workers are also likely to benefit from premium pay.’
Full-timing and temporary staff have the lowest average weekly pay of £7.40, and the lowest median hourly earnings of £6.50.’
The lowest median weekly pay is for temporary employees, which is less than half the median earnings for full timers and temporary employees,’ the report found.
The majority of workers are over the age of 35 and work in a variety of industries.
The report said:’The median weekly wage for workers in industries where the median annual earnings are above £20,000 is £23.25.’
A majority of full- and part-tim workers are in the lowest paid sectors of the economy, and have lower average earnings than workers in sectors with average earnings below £20 million.’
This is reflected in the findings that full and part timers are the least likely to earn enough to pay for their housing, food and other basic needs.’