Business
Fact check: Wage claim confuses mean and median incomes from different years
A widely shared claim on social media said that the median wage was £24,769 in 2008 and £29,600 by 2025. Meanwhile, the claim continued, inflation has increased prices by 70.51% since 2008, meaning that a £24,769 wage would have become £42,231 if it had kept up with inflation.
Evaluation
The claim does not have any sources attached to it, but it seems likely the post is comparing very different figures.
The person posting appears to have cited a figure for mean income – not median – from 2004/05 instead of 2008, with a median household income figure – not mean wage – from 2019 rather than 2025.
The facts
Where does the claim of a £24,769 median wage in 2008 come from?
The poster claimed that the median wage was £24,769 in 2008, without giving a source. It is not clear where this figure was obtained from.
It is possible that the user took this figure from a Wikipedia article which somewhat misleadingly cites a report from the Institute for Fiscal Studies (IFS).
The Wikipedia article correctly lists the £24,769 figure as the mean, rather than the median which the social media poster claimed. But the Wikipedia article also says that the figure is “2008 data”.
This is correct insofar as the IFS report was released in 2008. However, the Wikipedia article does not make it clear that the figure is actually from the 2004/05 fiscal year, not from 2008.
The mean is the average number in a data set, whereas the median is the middle value when the set is in numerical order.
The figures used by the IFS were taken from the 2004/05 survey of personal incomes (SPI) from HM Revenue and Customs (HMRC). In its report the IFS updated the figures to present them in the equivalent 2007/08 prices.Where does the claim of a £29,600 mean wage in 2025 come from?
The poster also claimed without a source that the median wage is £29,600 in 2025. Again it is not clear where this figure has been found.
The number matches the Office for National Statistics median household income figure for 2019, making that one potential source for the claim. However, median household income is not the same as median wage.
A Google search found that the number also matches an unsourced figure on a jobs website which claims that the “average salary in the UK (2025)” is £29,600. However, apart from updating the year, this page has not been changed since 2020 when it also listed the “average salary in the UK (2020)” as the same – £29,600.
Owing to the timing it is possible that this website has taken its “average salary” figure from 2019’s household income. The oldest archived version of the page is from April 9 2020, while the ONS’s median household income figure was released just a month earlier on March 5.
What would the £24,769 income be worth in 2004/05?
The IFS’s report does not appear to reveal its exact method for calculating the change in wage value between 2004/05 and 2007/08.
It simply cites “authors’ calculations based on SPI 2004–05”. That is a reference to the Survey of Personal Incomes (SPI) from that year which the PA news agency has been unable to find.
However, the report says that the basic tax allowance of £4,745 in 2004/05 would have been worth £5,140 in 2007/08 prices.
This suggests an increase in prices by approximately 8.32% which – allowing for rounding errors – appears close to the 8.45% change in Consumer Prices Index (CPI) between 2005 and 2008.
This would mean that an income worth £24,769 in 2007/08 prices would have been worth around £22,866 – again allowing for rounding errors – in 2004/05.
What would have happened if salaries had kept up with inflation since 2004/05?
Because the income stated is from 2004/05, not 2008 as claimed, the inflation rate since 2008 is not relevant.
Between 2005 and 2024 – the last full year for which data is available – prices increased by around 71.45% according to the CPI measurement. This implies that the mean income in 2004/05 (£22,866) would be around £39,202 in 2024 if it had kept up with inflation – again allowing for rounding errors.
If comparing CPI figures from March 2005 – the last month of the 2004/05 fiscal year – with the most recent CPI figure in June 2025, inflation has seen prices rise by 79.23%. That would mean the mean salary from 2004/05 would be around £40,981 had it kept up with inflation.
Median income in 2004/05 was £16,400. If that income had kept pace with price increases of 71.45% it would be worth £28,117. At the 79.23% inflation rate it would be worth £29,393.
What are mean and median incomes today?
According to HMRC data, median income before tax was £28,400 in 2023 – the latest year for which an SPI survey has been published. This figure is for individuals, not for households.
The mean income in the same year was £40,400.
What is the difference between median and mean?
Both median and mean are two different ways of measuring the average.
The mean is arrived at by adding every value together in a dataset and then dividing it by the number of entries in that dataset.
For instance, if calculating mean income, you add together the income of every person in the dataset, whether that be £20,000 per year or £200,000 per year, and then divide that figure by the number of people whose income you have measured.
The median is very different. To measure the median you line up all the values in a dataset in ascending order and choose the entry exactly in the middle. The benefit of this approach is that it cannot be skewed by a small number of really high earners at the top.
In a way it can be seen as the difference between calculating the average amount that people earn (mean) or calculating what the average person earns (median).
Links
ONS – Average household income, UK: financial year ending 2019 (archived)
Average Salary and Wage in the UK (archived from 2025 and 2020)
IFS- Racing away? Income inequality and the evolution of high incomes (archived)
Gov.uk – Personal Income Statistics Tables 3.1 to 3.11, 3.16 and 3.17 for the tax year 2022 to 2023 (archived, see Table 3.1 and Table 3.2 for relevant data)
Business
Is gold overbought or underinvested? Why BofA metals research chief says entry points are coming; what you need to know – The Times of India
Gold remains a key portfolio asset despite recent surges, and investors may still find opportunities to buy on dips, according to Michael Widmer, head of metals research at Bank of America.“Gold is overbought at the moment, but it is still underinvested,” Widmer told Bloomberg Television. “ETF inflows last month were up 880% year-over-year, and that is ultimately a concern. From a pure fundamental macro backdrop, we’re still looking good. The entry points are coming.”Widmer explained that while gold has rallied sharply in recent months, its allocation in portfolios remains well below historical highs. “The highest we’ve ever had in terms of gold allocation is about 1.1%. Right now we are at half a percent. There is still space to increase,” he said, highlighting the potential for selective investment.He cautioned, however, that rapid inflows into gold ETFs cannot continue indefinitely. “You can’t compound growth at 880% forever. At some stage, you run into an air pocket, and gold might not rally. But fundamentally, it remains strong,” Widmer added.On identifying buying opportunities, he said investors should watch for short-term dips. “Monthly or weekly price movements of $100–$200 could present entry points. Volatility is picking up, so the opportunities are coming,” he noted.Widmer also stressed that gold is not purely a speculative asset but plays a strategic role in diversified portfolios. “It has a theoretical underpinning related to fiat currencies and debt. While it doesn’t perform directly in the real economy, it provides price exposure and portfolio diversification,” he said.He noted that institutional holdings of gold typically range from 10–15% of total assets, depending on the risk-return profile. “For the best portfolios, gold serves as a meaningful diversification tool, offering protection and exposure in times of market uncertainty,” Widmer said.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India.)
Business
Diwali 2025 bank holidays: Are banks closed for 3 days this weekend? See state-wise details – The Times of India
Diwali 2025 bank holidays: As the festive week of Diwali approaches, several states will see a string of bank holidays. However, banks will not remain closed nationwide for three consecutive days, with most closures being state-specific based on regional festivals.
Are banks closed for Dhanteras 2025 ?
This Saturday, October 18, banks across India will remain open, as it is the third Saturday of the month. No, banks will not be closed on Dhanteras, which also falls on October 18.
Regular banking services will continue nationwide, the only exception is Assam, where branches will stay closed in observance of the Kati Bihu festival.
Are banks closed on Diwali? Region-wise list
Monday, October 20: Banks will be closed in multiple states and union territories including Tripura, Gujarat, Mizoram, Karnataka, Madhya Pradesh, Chandigarh (UT), Tamil Nadu, Uttarakhand, Assam, Telangana, Arunachal Pradesh, Rajasthan, Uttar Pradesh, Kerala, Nagaland, West Bengal, Delhi (NCT), Goa, Chhattisgarh, Jharkhand, Meghalaya, Himachal Pradesh, and Andhra Pradesh for Diwali, Naraka Chaturdashi, and Kali Puja celebrations.Tuesday, October 21: Branches in Belapur, Bhopal, Bhubaneswar, Gangtok, Imphal, Jammu, Mumbai, Nagpur, Raipur, and Srinagar will remain shut for Diwali Amavasya, Deepawali, and Govardhan Puja.Wednesday, October 22: Banks in Gujarat, Maharashtra, Karnataka, Uttarakhand, Sikkim, Rajasthan, Uttar Pradesh, and Bihar will be closed for Balipadyami, Laxmi Puja (Diwali), and Vikram Samvat New Year Day.Thursday, October 23: In Gujarat, Sikkim, Manipur, Uttar Pradesh, West Bengal, and Himachal Pradesh, banks will remain closed for Bhaidooj, Chitragupt Jayanti, Laxmi Puja, Bhratridwitiya, and Ningol Chakkouba.
Upcoming state-wise bank holiday schedule:
October 27–28: Banks in Kolkata, Patna, and Ranchi will stay shut for Chhath Puja.Friday, October 31: In Ahmedabad, banks will remain closed to mark Sardar Vallabhbhai Patel’s birth anniversary.
What if your bank is closed?
Even on holidays, customers can continue using online banking, ATMs, mobile apps, and UPI platforms for fund transfers, bill payments, and other services.However, in-person services such as large cash deposits, demand drafts, and account settlements will not be available. It’s advisable to plan transactions in advance to avoid last-minute inconvenience during the festive week.
Last Updated:
GSTR-3B Due Date Extension: BCAS says the days leading up to October 19, a Sunday and part of the main Diwali festivities, are typically observed as public holidays across India.
As per the existing schedule, the GSTR-3B filing deadline falls on October 20, 2025, which coincides with the Diwali holiday.
GSTR-3B Due Date Extension News: The Bombay Chartered Accountant Society (BCAS) has urged the finance ministry to extend the due date for filing GSTR-3B returns for September 2025, citing a clash between the statutory compliance deadline and the Diwali holiday.
As per the existing schedule, the GSTR-3B filing deadline falls on October 20, 2025, which coincides with the Diwali holiday. BCAS pointed out that the days leading up to October 19, a Sunday and part of the main Diwali festivities, are typically observed as public holidays across India. This overlap, the society noted, leaves little time for professionals, accountants, and company staff to complete crucial filing processes.
In its representation dated October 8, 2025, BCAS said the shortened compliance window could make it difficult for taxpayers to meet statutory obligations on time. The society highlighted that preparation of Form GSTR-3B involves detailed reconciliation, verification of Input Tax Credit (ITC), and fund arrangements for tax payments — all of which require active coordination among teams that are unavailable during the festive week.
“Therefore, as a significant step towards ease of doing business, it is earnestly requested that the due date for filing GSTR-3B of September 2025 be extended. Granting this essential administrative relief will enable registered persons and tax practitioners to complete the necessary compliance procedures following the conclusion of the festival period, ensuring accurate and complete return filing and promoting adherence to the provisions of the CGST Act without penalising taxpayers for unavoidable circumstances,” BCAS said in its submission.
The society added that the festival-related holidays would hinder access to staff, support services, and banking facilities needed for return finalisation. It also clarified that Nil GSTR-3B returns – permitted only when there are no outward or inward supplies or liabilities for a given period – would not apply to most regular taxpayers for September, reinforcing the need for an operational compliance window beyond the Diwali holidays.
BCAS concluded that a short-term extension of the filing deadline would ease administrative pressure, prevent inadvertent non-compliance, and support the government’s broader goal of improving the ease of doing business.
What Is The Late Fees For GSTR-3B?
Late filing of GSTR-3B attracts a statutory late fee under the Goods and Services Tax (GST) framework. As per current rules, taxpayers who miss the due date are liable to pay Rs 50 per day (Rs 25 each for CGST and SGST) until the return is filed. However, if there is no tax liability for the month (i.e., a Nil return), the late fee is reduced to Rs 20 per day (Rs 10 each for CGST and SGST).
The late fee is calculated from the day after the due date until the actual filing date, subject to a maximum cap of Rs 5,000. In addition to the late fee, interest at 18% per annum is also charged on the outstanding tax amount for the delay period.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
October 18, 2025, 10:48 IST
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