Low wage growth behind inflation

Low wage increases for the year to March 2010 mean that real wages fell or only stood still. The increase of 1.5 percent increase in the Labour Cost Index was well behind inflation of 2%.

Council of Trade Unions Economist Bill Rosenberg said that Government needed to focus on investment in decent jobs and policies that life wages, such as a higher minimum wage.

The proportion of workers experiencing an increase in the year has fallen to only 43% (down from 60% a year ago). The biggest drivers for increases were collective employment agreements and the cost of living.

Not surprisingly, CEOs did better than workers last year – 48% got a pay rise, with the median increase being 5%!

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