Despite official figures from the Office for National Statistics indicating that wages are rising faster than inflation, the Trade Union Congress (TUC) has warned that it will take at least until 2024 for wages to recover their value.
Frances O’Grady, the TUC’s general secretary, said: “What is clear is that it will take a decade for wages to catch up in real terms to where they were before the crash. There are a lot of people who are now dipping into their savings – or, worse, getting into debt, to try to maintain a standard of living.”
TUC research says the real value of the average full-time employee wage fell by £487 in 2014 and has fallen by £2,509 since 2010 – a decline of about £50 a week.
“And current policies offer little relief. The Office for Budgetary Responsibility forecast, released with the Autumn Statement, shows growth weakening…
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