Friday, 31 January 2014

Pay rises have got weaker in every decade since the 80s

Commenting on a new analysis of real wages published today (Friday) by the Office for National Statistics, TUC General Secretary Frances O’Grady said:
“Over the last four years British workers have suffered an unprecedented real wage squeeze.
“Even more worryingly, average pay rises have got weaker in every decade since the 1980s, despite increases in productivity, growth and profits. Unless things change, the 2010s could be the first ever decade of falling wages.
“A return to business as usual may only bring modest pay growth. We need radical economic reform to give hard-working people the pay rises they deserve.”
According to the ONS, real wages grew by 2.9 per cent in the 1970s and 1980s, 1.5 per cent in the 1990s, 1.2 per cent in the 2000s and by -2.2 per cent since the first quarter of 2010.

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