The VocaLink Take Home Pay Index tracks monthly
take home pay levels in the UK. They are compiled using data
captured by VocaLink from the salary payments of over 200 of FTSE
350 companies and over 600 public sector organisations. VocaLink is
the processor for automated payments in the UK including all Direct
Debit and Bacs Direct Credits, which account for over 90 per cent
of salary payments delivered into employees' bank accounts.
VocaLink works with the centre for economics and business
research (cebr) to deliver these powerful and timely indicators of
take home pay inflation to economists, analysts and the media. They
are an important aspect of the UK's economic performance and one of
the components that drives the Bank of England Monetary Policy
Committee's (MPC) interest rate policy. The VocaLink Take Home Pay
Index is split by broad sector groups - the VocaLink manufacturing
index, the VocaLink services index, the VocaLink public sector
index and the VocaLink FTSE 350 index.
There are two unique aspects to the VocaLink Take Home Pay
Index. First, it is based upon hard data, not survey responses -
measuring the salaries deposited in hundreds of thousands of bank
accounts each month. Second, the data is collected in real time -
with the results processed and reported within days of the end of
each month.