Sunday, December 15, 2024
spot_img

British workers to face record pay slump against surging inflation

Date:

Share post:

spot_img
spot_img

London, Aug 16:  British workers saw their pay lag behind inflation at record levels over the past quarter, according to official figures.

The Office for National Statistics (ONS) said regular pay, excluding bonuses, grew by 4.7 per cent over the three months to June, dpa news agency reported on Tuesday.

Analysts had predicted that wages would increase by 4.5 per cent.

It comes after CPI inflation hit a new 40-year record of 9.4 per cent in June and is expected to peak at around 11 per cent later this year.

The ONS said this resulted in a 3per cent% drop in regular pay for employees once inflation is taken into account, representing the biggest slump since records began in 2001.

Official figures also showed that the number of UK workers on payrolls rose by 73,000 between June and July to 29.7 million.

ONS director of economic statistics Darren Morgan said: “The number of people in work grew in the second quarter of 2022, whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed.

“Meanwhile, the total number of hours worked each week appears to have stabilised very slightly below pre-pandemic levels. Redundancies are still at very low levels.

“However, although the number of job vacancies remains historically very high, it fell for the first time since the summer of 2020.”

IANS

spot_img
spot_img

Related articles

A President’s Bodyguard shows his skills at the President’s Bodyguard Parade Ground in New Delhi on Saturday

A President’s Bodyguard shows his skills at the President’s Bodyguard Parade Ground in New Delhi on Saturday. (PTI)

B’deshi drones near Sohra, Shella border raise concerns

By Our Reporter SHILLONG, Dec 14: Several Bangladeshi Bayraktar TB2 unmanned aerial vehicles (UAVs) have been detected flying close...

‘Ban’ on worship at cave: Assam group threatens to disrupt road links to M’laya

From Our Special Correspondent GUWAHATI, Dec 14: An Assam-based organisation called Kutumba Suraksha Parishad (KSP) has reiterated its threat...

Bill on simultaneous polls undemocratic: State Cong

By Our Reporter SHILLONG, Dec 14: The Opposition Congress has termed the ‘one nation one election’ (ONOE) bill to...