There is good news for today’s workers. According to this summary by Staffing Industry Analysts, The U.S. Department of Labor reported in April that the median weekly income for full-time salary and hourly workers rose 2.7% over this time last year. There are a number of reasons, and implications, for this boost. Let’s take a closer look at some of the important details of the earnings increase.
Disparities Between Earnings for Men and Women
The unfortunate news reported in this study was the continued gap between salaries for men and women performing the same job. Women who worked full time earned $750 a week while their full-time male counterparts were paid $910. However, the gap was slightly smaller than the same time last year.
Increased Earnings for College Graduates
It does seem like getting that Bachelor’s degree can benefit you financially after all. College graduates were paid $1,250 weekly while workers who only had a high school diploma or less saw a median weekly income of only $679. Employees over the age of 25 who had not graduated from high school received $494.
Wage Differences for Advanced Degree Holders
For people who want to continue on to graduate school, there was some interesting information released as a part of this report. The highest earning men with advanced degrees made $3,871. This is notable in comparison to women in the top 10% of post-graduate degree holders only earning $2,409.
Occupations with Highest Earning Potential
Noting the median weekly income is only as useful as it can be applied to the average workforce. The highest earning jobs in this study included individuals who were in management or professional jobs. Here, men earned $1,431 and women earned $1,024. For contrast, the lowest paying service jobs were $609 for men and $483 for women.
About Anserteam Workforce Solutions
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