Despite many employees working longer hours than ever, very few are being paid extra for their efforts.
According to the Real Wage Report by Santander, almost a quarter (23%) of full-time workers across all industry sectors are putting in more overtime but less than half (41%) are being paid extra.
The survey of over 2,000 UK workers analysed full-time working hours to identify people’s ‘real’ hourly rate and found working extra hours may not be paying off.
The average annual salaried worker in Britain earns £29,157 and works 40 hours a week, effectively for just over £14 an hour.
The average hourly wage earner takes £9.66 an hour, or £20,725 annually, but by working at an average overtime rate of £15.93 an hour, typical wage earners can overtake salaried workers after 11 extra hours a week.
The research also revealed a significant gender gap in overtime pay. The average full-time hourly rate for men worked out as £13.75, or 31% more than the £10.47 earned by women.
Andy Smith, a spokesperson for Santander, said: “Our findings suggest that, at least in terms of the money earned, getting in early and staying late might not be all that beneficial.
“Working extra hours clearly will not do job prospects any harm, but could damage their work-life balance. It could also seriously erode their ‘real’ wage.”
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