Wage rises

Wage rises not keeping pace with the cost of living

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New data shows that wages are not rising in line with inflation – and in fact, in real terms, average weekly wages fell last year. The BBC reports that regular pay, excluding bonuses and adjusted for inflation, fell one per cent in November compared to the same month in the previous year.

Although the latest data from the Office of National Statistics (ONS) shows that wages rose in the year to November 2021, they did not keep pace with the increase in the cost of living.

"Salaries are growing reasonably strongly, but some people are saying they are not feeling much better due to rising prices," the ONS told the BBC.

Although there’s been much reporting on how the “Great Resignation” has seen employers upping their salaries in a bid to attract employees – to as much as £150,000 for recent graduates in the legal sector, for example – it seems that inflation is currently offsetting much of the impact of this.

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