Workers aged 40 to 49 warned they risk losing £770-a-month payment

The average UK salary for those aged 50-59 stands at £37,804, according to recent data, with over-50s earnings on par with those in their 30s, who earn a median of £37,544 annually.
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The average UK salary for over 50s has emerged - with people warned they could be earning MORE. The average UK salary for those aged 50-59 stands at £37,804, according to recent data, with over-50s earnings on par with those in their 30s, who earn a median of £37,544 annually.

In the 60+ age bracket the median salary drops to £33,852. The Office for National Statistics released a report today showing that median household disposable income in the UK decreased by 2.5 per cent to £34,500 in the financial year ending 2023.

The peak earning years for UK workers are 40-49, with a median annual salary of £40,040. After this age, people aged 50 and over face losing their £770 per week payment, as the rate decreases through the 50s and into the sixties.

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For those aged 50-59, earnings dip from £770 to £720 per week. And workers aged 60+ see a further decrease to £651 weekly. 18 to 21-year-olds have the lowest median earnings across the UK due to lack of experience on the job, bringing in an average of £441 per week.

Salary typically increases with age, so it’s another jump now as we get into our thirties, when you can expect to earn £722 per week. It turns out 30-year-olds and 50-year-olds have more in common than we thought; they both earn about £720 a week on average.

It’s important to note that the median annual pay for men is higher than that of women in every age bracket. This gap significantly widens from the age of 30, which Forbes says is ‘no doubt due to more women than men having a more disrupted career path due to caring responsibilities – either children or elderly relatives’.

The lowest gender pay gap is at 18 to 21-years-old (where women earn £728 less per year than men on average) and the highest is between the ages of 50-59 and 60+ (where women earn £7,176 less per year).