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Ilons workers observe that real terms of payment “sharply” decrease and increase inflation bites, official figures were revealed Tuesday.

They showed that the growth of real ordinary wages (excluding premiums and adjusted for inflation) fell in January-March compared to the previous year by 1.2 percent.

Strong bonuses meant that, if included in real terms, total wages rose 1.4 percent.

Darren Morgan, director of economic statistics at the Office for National Statistics, said: “Constantly high bonuses in some sectors, such as construction and especially finance, mean total pay continues to rise faster than average prices, but basic regular income is now falling sharply in real expressions ”.

The contraction should worsen as the Bank of England predicts that inflation could double by the end of this year.

The number of vacancies in February-April 2022 rose to a new record of 1,295,000, according to the National Statistics Office.

However, the growth rate of vacancies continued to slow down.

The number of paid workers in the UK rose by 121,000 between March and April to 29.5 million.

Chancellor Rishi Sunak said: “The unprecedented support we have provided through our Employment Plan has led to the fact that the labor market remains strong despite global challenges, with unemployment the figure is close to record lows, and the number of employees is record high.

“I understand that these are troubling times for people, but it is encouraging that fewer people are out of work than previously feared, and we are helping them keep more hard-earned money through tax cuts, changes in Universal Credit and support. with household accounts worth £ 22 billion this fiscal year ”.

https://www.standard.co.uk/news/uk/unemployment-figures-millions-workers-pay-cut-inflation-rise-bank-england-ons-b1000421.html

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