New statistics from the Office for National Statistics (ONS) show that in April 2021, pay growth was 6.6 percentage points greater for people who switched jobs than for those who stayed put, however, for those who remained in certain sectors, they enjoyed higher than average earnings.
People who moved to a different industry, changed occupation, or relocated at the same time, boosted their pay even more. But, job changers aged 65 years and over actually saw lower earnings growth than the year before.
Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, explains: “The grass is slightly greener on the other side of the fence, but the ground may be less stable.”
