British workers have seen the value of their real wages drop by 8.5 percent over the last three years, the UK's largest unions body the Trades Unions Congress warns.
According to the TUC, average salaries in March 2013 were £2,234 down compared to 2010 level, putting more pressure on family budgets in the country.
“Average pay packets have fallen by nearly 10 per cent over the last three years, eroding the spending power of households and eating away at the value of savings for those families still fortunate enough to have them,” said TUC general secretary Frances O’Grady.
The TUC also warned that the prices are rising three times faster than real term wages, adding that the government’s austerity measures have squeezed the public purse.
An earlier study by the union showed that real wages dropped by 4.5 percent between 2007 and 2011, leaving workers with smaller incomes at a time of rising costs for basic necessities such as food, fuel, gas and electricity -not to mention housing costs.
According to the TUC, average salaries in March 2013 were £2,234 down compared to 2010 level, putting more pressure on family budgets in the country.
“Average pay packets have fallen by nearly 10 per cent over the last three years, eroding the spending power of households and eating away at the value of savings for those families still fortunate enough to have them,” said TUC general secretary Frances O’Grady.
The TUC also warned that the prices are rising three times faster than real term wages, adding that the government’s austerity measures have squeezed the public purse.
An earlier study by the union showed that real wages dropped by 4.5 percent between 2007 and 2011, leaving workers with smaller incomes at a time of rising costs for basic necessities such as food, fuel, gas and electricity -not to mention housing costs.
No comments:
Post a Comment