‘The latest official statistics show that the long ice age of wage stagnation is grinding on - and that graduate earnings have been in a deep freeze stretching back for the past decade.
Since university tuition fees in England rose to £9,000 there have been recurrent questions about whether it's still financially advantageous to get a degree.
The Department for Business, Innovation and Skills has published its latest figures on the graduate labour market - and it shows that graduates are still getting a career benefit.
They earn more on average than non-graduates and are much less likely to be unemployed. Postgraduates earn even more and those with higher grades of degrees are paid more than those with lower.
None of that might seem particularly surprising - although there is a slightly worrying rise in graduates in non-graduate jobs.
But the big backdrop - so big that it's sometimes not seen - is the long-term flatlining in earnings. Employment levels have picked up towards pre-recession levels, but pay is still under a layer of permafrost.’ - BBC News
‘Young graduates are struggling to find work that matches their skills with figures showing more than one-in-three in low-skilled jobs.
Official figures published on Tuesday revealed a 2.2 per cent drop in the number of 21 to 30-year-old graduates in skilled work compared with a year earlier. About one-in-five graduates were in low or medium skilled jobs on average across the whole of the working population.
Tuesday’s figures showed that overall employment prospects for graduates had reached pre-crisis levels. The unemployment rate for graduates was 3.1 per cent, 2.3 per cent for workers with a postgraduate qualification and 6.4 per cent for non-graduates.
Still, unions seized on the graduate underemployment saying it was a “massive waste of talent” that threatened future growth and productivity prospects for the UK economy.
“There are simply not enough quality jobs for young people leaving university,” said Frances O’Grady, general secretary of the Trades Union Congress. “Far too many graduates are being forced to take on roles which do not make the most of their talents.”
Jo Johnson, universities minister, said he will continue to press ahead with reforms that offer incentives to provide better teaching so that graduates develop the “skills they need to progress into fulfilling careers”. The government is developing its “teaching excellence framework” that will rank how well universities do in terms of graduates securing work.’ - FT.com