Labour Market Trends: August 2024

HMRC earnings (experimental)

This information is based on experimental monthly estimates of paid employees and their pay from HM Revenue and Customs’ (HMRC’s) Pay As You Earn (PAYE) Real Time Information (RTI) data.

Changes over time are based on median monthly pay estimates which are rounded to the nearest pound.

The latest early estimates for July 2024 indicate that median monthly pay for payrolled employees in Scotland was £2,427, an increase of 5.8 per cent compared to the same period the previous year. This is slightly higher than the annual growth in median monthly pay for the UK over the same period (5.6 per cent).

Chart 3: Median pay for payrolled employees decreased sharply in April 2020 but has generally been increasing since July 2020

Median Monthly Pay, Scotland and UK, June 2019 to July 2024, seasonally adjusted

Source: PAYE RTI, all industries, seasonally adjusted, HMRC
Notes: Early estimates for July 2024 are provided to give an indication of the likely level of employees as well as median pay in the latest period. The figures for July 2024 are based on around 85% of information being available. They are considered of lower quality and may be subject to revision in next month's release when between 98% to 99% of data will be available.

Chart 4: Annual Growth in the median monthly pay for payrolled employees in Scotland is higher than the average growth prior to the pandemic

Annual Percentage Change in Median Monthly Pay, Scotland and UK, June 2019 to July 2024

Source: PAYE RTI, all industries, seasonally adjusted, HMRC
Notes: Early estimates for July 2024 are provided to give an indication of the likely level of employees as well as median pay in the latest period. The figures for July 2024 are based on around 85% of information being available. They are considered of lower quality and may be subject to revision in next month's release when between 98% to 99% of data will be available.