Work Foundation - Employment up but workers seeing inflation eat away at their living standards
Ben Harrison, Director of the Work Foundation responded to the Labour market overview May 2022 released by the Office for National Statistics.
“Despite employment continuing to rise, today’s figures underline the challenges facing workers who are seeing inflation eat away at their living standards. With regular pay at 4.2% (excluding bonuses) being outpaced by rising inflation at 7% - and the Bank of England warning of a recession and that inflation could rise to 10% - workers in low-paid and insecure employment are facing huge uncertainty and tough choices as the cost of living crisis bites.
“For weeks the Government has hinted at extra help to come, yet all workers will have heard this week is that they are not to ask for pay rises and that if they’re struggling they simply need to work more hours or get a better paid job.
“It is vital that we see targeted support delivered now via an Emergency Budget. As a priority, the Government must find a way to uprate benefits in line with inflation – or introduce measures to the same effect – to provide more security to those most in need.”
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