When rising prices are taken into account, regular pay is falling at the fastest rate in more than a decade, according to the Office for National Statistics.<\/p>\n\n\n\n
When adjusted for inflation, pay excluding bonuses fell 2.2 percent between February and April, according to the ONS.<\/p>\n\n\n\n
Household budgets in the United Kingdom are being squeezed by record fuel and energy prices.<\/p>\n\n\n\n
However, pay, including bonuses, is outpacing price increases, rising by 0.4 percent when inflation is factored in.<\/p>\n\n\n\n
According to Sam Beckett, the ONS’s head of economic statistics, a “high level of bonuses” is continuing to “cushion the effects of rising prices on total earnings for some workers.”<\/p>\n\n\n\n
“However, if bonuses are excluded, pay in real money.”<\/p>\n\n\n\n
“However, excluding bonuses, real pay is falling at the fastest rate in over a decade,” she added.<\/p>\n\n\n\n
The latest figures, according to Chancellor Rishi Sunak, show that the UK’s job market “remains robust,” with redundancies at an all-time low.<\/p>\n\n\n\n
“Helping people into work is the best way to support families in the long run,” he says, adding that “we are continuing to support people into new and better jobs.”<\/p>\n\n\n\n
Labour’s Jonathan Ashworth, on the other hand, charged ministers with “utter complacency about the huge levels of economic inactivity.”<\/p>\n\n\n\n
When adjusted for inflation, regular pay has fallen by about 1.6 percent in the private sector and 4.5 percent in the public sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
When rising prices are taken into account, regular pay is falling at the fastest rate<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[1454],"class_list":["post-18698","post","type-post","status-publish","format-standard","hentry","category-business","tag-pay"],"yoast_head":"\n