• Sat. Oct 1st, 2022

Pay rises wiped out by surging inflation, official figures show

BySwanzi010

Jan 23, 2022

UK workers saw their wage rises wiped out by surging inflation late last year, official figures show.

Weekly earnings – excluding bonuses – rose by 3.8% in the three months to November compared to the same period a year earlier, according to the Office for National Statistics (ONS).

But with inflation climbing to a ten-year high, the rise was cut to zero in real terms, the ONS said.

For November alone, workers suffered a real terms pay cut of 1% – the first such fall since July 2020.

But the figures also showed more signs of falling unemployment, which dropped from 4.2% to 4.1%.

They also revealed that in December, the number of workers on UK payrolls climbed by 184,000 to 29.5 million – now 409,000 above pre-pandemic levels in February 2020.

Source : Sky.com

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