UK workers see record pay rises, but inflation eats them up
UK workers see record pay rises, but inflation eats them up
British workers have had their biggest rise in weekly pay in at least a quarter of a century with the pace of earnings growth for women outstripping that of men, according to a comprehensive labour market survey published on Wednesday.
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This is the best summary I could come up with:
LONDON, Nov 1 (Reuters) - British workers have had their biggest rise in weekly pay in at least a quarter of a century with the pace of earnings growth for women outstripping that of men, according to a comprehensive labour market survey published on Wednesday.
Weekly earnings for full-time employees rose by 6.2% in the 12 months to April - the period covered by the latest Annual Survey for Hours and Earnings (ASHE) which is produced by Britain's official statistics agency.
The Office for National Statistics said the biggest increases in pay by sector were recorded in lower-paying professions with earnings in caring, leisure and other service occupations up 9.4%.
Median gross annual earnings for all full-time employees rose 5.8% to 34,963 pounds ($42,452), a slightly smaller increase than 5.9% in the 12 months to April 2022.
The Bank of England is worried that the face pace of pay growth in Britain could create a wage-price spiral.
Britain's monthly official jobs and pay figures have been beset by problems recently due to low response rates from individuals to its surveys.
The original article contains 360 words, the summary contains 180 words. Saved 50%. I'm a bot and I'm open source!
Ha, where are those in Germany? The only thing we got was a one time inflation bonus and that was it.
Isn't inflation like a godsend to companies? They can use it as a pretext to increase their prices but also as an excuse not to give their employees decent pay rises, because you know inflation spirals, difficult times, etc. bullshit.
In the end they increase their profit margins at the expense of their employees and the CEO gets a hefty bonus package for his "good" work.
Quite common in the rest of EU too. Price raises but unaltered salaries.
In Germany in 2023Q2 wages increased by 6,6%, while inflation was 6,5%.
And during Covid and the Ukraine Crisis for the longest time people agreed to accept no wage increases in order to keep the companies from failing in those times.
But instead of that being honored now, the companies just make record profits and argue that wage increases would stipulate inflation.
Just look at the Q2 chain down from there:
- 2023 0.1
- 2022 -4.2
- 2021 3.2
- 2020 -4.7
- 2019 1.2
So over the past 5 years the effective wage increase was -4.6%. Meanwhile companies raked in record profits after record profits and enjoyed a lot of bailout money. To clarify, it is -4.6% over five years, that is about -0.93% p.a.
The comment I replied to implied that the situation got worse this year. Which is plain wrong.
??
The comment I replied to made it seem the situation got worse this year, which is, in this generality, wrong.