Wages are growing at their fastest rate for six years - + 2.9% YoY

mayonnaise

http://news.sky.com/story/1553459/wage-growth-boosts-consumer-spending-power

The chancellor, George Osborne, said: "It is welcome news that pay packets are rising and jobs are being created.

"With wages up 2.9% over the year and inflation low, working people have received the fastest real terms rise in over a decade."

Good stuff.

Mistermeaner

well done us.

I'll tell my boss

lisyloo

Gin and tonics all round :-)

If I tell my boss, he'll outsource my job to India.

kathrynha

Some people are obviously getting big pay rises, because an awful lot are getting 1% or less

MrRee_2

Well, it's all down to whether you studied long and hard at school and college .... if you took the mature long term view of your future then you will be sitting in a scarce job with qualifications.

Certainly, it took a lot of hard work and grafting to get as lucky as I am .... the result is that I am employed in a position where they cannot replace me easily and the result is that my pay increases by a decent amount each year.

Supply and demand, it's as simple as that.

Too many people these days want it all but don't want to put the effort in to secure it. look around at what jobs are paying good money and train to do them ...... your labour is the biggest asset you will ever have, make it valuable.

lisyloo

Well, it's all down to whether you studied long and hard at school and college .... if you took the mature long term view of your future then you will be sitting in a scarce job with qualifications.

I don't think this is quite right.
Many people in IT (for example) aren't getting pay rises because of globalisation. It doesn't mean they didn't work hard just because they didn't forsee that 30 years ago.

I know there is a debate between hard work and luck, but I don't believe it's all down to hard work, although I agree with you about suplpy & demand.

What would you suggest experienced IT engineers re-train to do?

MrRee_2

Banking ......................

cells

household income is actually increasing faster than that as more jobs have been added than households formed. an important factor almost always overlooked

MJ12

Got my employment letter today. No change to salary.

Generali

cells wrote: »

household income is actually increasing faster than that as more jobs have been added than households formed. an important factor almost always overlooked

Having two incomes rather than one coming in to a household also makes income more secure so a double benefit.

Good to see that wages are making up for lost time. This brings forward the day that the MPC starts to tighten IMHO.

cells

Generali wrote: »

Having two incomes rather than one coming in to a household also makes income more secure so a double benefit.

Good to see that wages are making up for lost time. This brings forward the day that the MPC starts to tighten IMHO.

are they not meant to hit an inflation target of 2%....and with inflation at zero why increase rates

the next 15 years imo will be very low inflation as the semi AI robots come to market. The self drive car will reduce transport costs considerably and seeing as transport costs the UK something like 10% of GDP its going to be very significant.

also lots of LNG infrastructure started a few years back will start coming online starting end of this year which should keep coal/gas prices in check for the next 5 years