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Average Earnings Up 7.2% 21 January 2004

Average pay in the Isle of Man increased by 7.2% in the year to June 2003 according to the latest annual Earnings Survey published today, Monday, January 19, 2004, by the Treasuryís Economic Affairs Division.

Average gross weekly pay for full-time employees in June 2003 was £473.28. Half of the fulltime workforce earned more than £394 a week with the middle 50% earning between £304 and £565 per week.

The gap between average earnings in the Isle of Man and Great Britain has closed to half a percentage point with the Manx figure now being 99.5% of the average in Great Britain. This is the narrowest gap recorded since the survey began in 1988.

Treasury Minister Allan Bell MHK commented,

"The survey shows all groups of employees in the Isle of Man receiving significant real increases in their average earnings and I hope that these rises are reflected in increased productivity. The figures reflect the continuing underlying strength of the Islandís economy and are a reminder, if one were needed, of the fundamental importance of employment in providing for peopleís standard of living."

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