Real Pay Cut

Block Type

Flashcard

Flashcard Definition

When an increase in wages doesn’t outstrip an increase in prices. Effectively a cut in the purchasing power of wages.

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Average weekly earnings in Great Britain - Office for National Statistics

2. Main points for March to May 2022 Growth in average total pay (including bonuses) was 6.2%, and growth in regular pay (excluding bonuses) was 4.3% among employees in March to May 2022.

www.ons.gov.uk

Average weekly earnings in Great Britain - Office for National Statistics