Forties People

For instance the average HR professional aged 41-50 earns £33,025 compared with £28,161for those aged50+. In the Accountancy, Banking and the Internet sectors the difference is even more extreme.

In Accountancy the average 41-50 year old is earning £34,310 compared with £24,446 for their colleagues aged 50+. In Banking the average 41-50 year old is earning £35,089 versus £26,411 for their colleagues aged 50+ and in the Internet sector whilst the average 41-50 year old is earning £38,725, this drops to £27,068 for the average over 50 year old.

Experts believe these figures reflect employers’ concerns about recruiting and retaining younger workers and that they are prepared to give them higher salary increases and pay them inflated bonuses.

The survey found only 3 professions (Education, Broadcasting and Transport) where older staff were on average paid more for their knowledge and experience.

The existence of the pay differential was also supported by the latest set of Older Worker Statistics from the Department of Work & Pensions showing that the average gross hourly wage for workers aged between 50 and state pension age across the UK economy was £10.69 versus £10.90 for those aged 25-49.