MILLIONS of staff are going through a minimize to pay as inflation eats into family earnings.
New figures launched right now by the Workplace for Nationwide Statistics (ONS) present that common pay in actual phrases fell by 2.7%.
It is barely smaller lower than the largest ever drop in April to June of three%, but it surely’s nonetheless one of many largest falls seen since data started in 2001.
Information from the ONS revealed inflation hit a 41-year excessive of 11.1% in October.
Costs are rising at a sooner charge than pay, which implies folks’s incomes are squeezed.
Development in common whole pay, together with bonuses, was 6.1%.
Wages fell by 2.7% within the yr August to October, each together with and excluding bonuses.
It is a pay minimize in actual phrases as wages are going up, and so they do not match the speed of inflation – which implies persons are successfully worse off.
