This is the title of an extraordinary article in today’s Observer newspaper based on analysis by Payfinder.com, a website enabling people to compare their salaries (ie I can, theoretically key in my details and see how my salary companies with others across different geographies and industries).
It seems there are only three jobs that pay the 50+ more than their younger colleagues (education, broadcasting and transport). The results show that in almost all professions, salaries rise with age until staff hit 50, when their pay packets start to shrink. 'It's as if those in the 50-plus category drop off the career ladder as their average salaries are consistently lower than their younger colleagues,' said Catherine Brough, a spokeswoman for the website.
For instance in Accountancy the average salary for a 41-50 year old is £34,310 and for the 50+ it miraculously falls to £24,446. In PR the figure falls from £43,315 to £25,355.
I find these numbers hard to believe.
I thought I would conduct an experiment using the www.payfinder.com site. I entered myself as an artist, with a job title of a sales person working in agricultural/farming sector working in London. I thought I would get a response of “don’t be bloody stupid” but instead it gave me the following information. As a salesman my average salary would gyrate from £10,000 (aged less than 20) to £17,000 (21-25) then plummet to £11,150 (26-30) go into orbit to £45,000 (36-40) dive to £17,500 (41-50) and decay to £16,000 (50+).
I think these numbers should be carrying a health warning!
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