Wages fall at sharpest rate on record
Business / Tue 16th Aug 2022 at 06:30am
REGULAR pay fell at the sharpest rate on record between April and June, official figures show reports the BBC.
Wages – when taking into account rising prices – dropped by 3% on the year, the Office for National Statistics said.
Household budgets are being hit by soaring energy bills as well as higher food and fuel costs in recent months.
The rise in prices has fuelled the UK inflation rate to 9.4%, with warnings the economy will fall into recession.
David Forman
2022-08-16 11:59:18
Wages are falling, but prices rising? So, who is creaming the profit? CEOs and Directors are paying themselves fat salaries and bonuses while they tell us to 'tighten our belts'. Time to wake up to the profiteering going on highlighted by Unite the union research. It stated: 'examination of data from the Office for National Statistics (ONS) shows that company profits jumped 11.74% in the six months from October 2021 to March 2022. In the same period labour costs fell by 0.8%, accounting for inflation. 'This jump in UK wide company profits is responsible for 58.7% of inflation in the last half year – as opposed to just 8.3% due to labour costs.' https://www.unitetheunion.org/news-events/news/2022/june/new-unite-investigation-exposes-how-corporate-profiteering-is-driving-inflation-not-workers-wages/
A
2022-08-16 13:27:36
Exactly. The money must be going somewhere.
Mark Ingall
2022-08-16 21:45:32
So much for the Conservatives promising a high wage society.
Leave a Comment Below:
3 Comments for Wages fall at sharpest rate on record: