The latest figures from the Office for National Statistics (ONS) show that 20% of graduates – one out of every five – are earning £9.92 per hour, while the median wage is £10 per hour.
More Degrees Lessen Demand
Jeevan Vasagar of The Guardian explained, “The value of a degree has been eroded as the proportion of the population with a university education has doubled, according to a new analysis.
“But the figures show that graduates still attract a hefty salary premium compared to workers whose education ended at 16.”
Graduate employees earn 85% more than those who left school after GCSEs, while they earned 95% more in 1993, according to the Office for National Statistics.
The statistics also show that the percentage of the UK population with a degree has more than doubled from 12% in 1993 to 25% last year.
While the number of graduates has risen, the number of degree holders finding employment in high skilled job sectors, such as managing or accounting, has fallen. In 1993 over 68% were employed in high skilled jobs, while the number has dropped to 56.6% in 2010.
The average hourly pay for a degree holder is £16.10, earning 85% more than those at GCSE level.
For higher education, the wage slips to £12.60 an hour, with the gap to GCSE-level narrowing at 45% more.
A-levels earn £10.00, just 15% more than those who left education after GCSE.
Those workers with no qualification earn 20% less than GCSE pay, at just £6.93 per hour.