Real wages plunge at record rate as cost-of-living crisis takes hold
The Independent says real pay has fallen at a record rate, with public sector workers seeing a particularly big hit to their earnings while bankers toasted “extremely high” bonuses, official figures show.
Public sector workers saw their wages rise 1.5 per cent in the three months to April compared with a year earlier but prices rose much faster, with the current inflation rate at 9 per cent.
Workers in the private sector saw an average pay rise of 8 per cent over the period, the Office for National Statistics said.
When bonus payments are included, real earnings rose 0.4 per cent, largely because of a bumper payday in the City of London.
Bankers and professional services workers were treated to “extremely high” bonuses in March, the ONS said. Earnings in financial and professional services as a whole were up 10.6 per cent.
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