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For the important work you do, yes you are underpaid. Unfortunately, the corporations that buy up newspapers prioritize profit over fair pay. And then they still seek creditor protection in instances. I am thinking Black Press & SaltWire here in Canada. You are in a difficult position. I know this, because I’ve been there. If you can stick it out for awhile, try to move up to an editor position, which pays a bit more. But don’t ever think that journalism isn’t a vital and important job because of the pay because it is - much more than PR ever will be.
Not sure if it's similar to the UK, but that's just about what we get paid. Doesn't get any better and you'll find most "journalism" roles filled with junior / trainee personnel as they all move on to communications / PR roles.
As a journalist this sounds right for a start but then within one year it should cross the $ 50,000 bench mark.