Millions of workers face pay cut as real wages fall 3% – what it means for you
MILLIONS of workers are facing a pay cut after real term wages fell by 3%.
The latest figures from the Office for National Statistics (ONS) reveal growth in employees’ wages dropped when factoring in inflation.
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Growth in workers’ average total pay, including bonuses, was 5.8%.
Meanwhile, growth in regular pay, excluding bonuses, was 6.7% across the three months.
But inflation hit 10.1% in March, after falling slightly from 10.4% the month before.
That means people’s pay packets have fallen in real terms, when factoring in other living costs such as food and energy.
