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Tag: wage

Wage growth weakens despite employment surge

Wage growth weakens despite employment surge

Business
Wage growth weakened to 2.8% in the three months to April though there was a strong increase in the number of people in work, official figures show. The data from the Office for National Statistics (ONS) shows pay is still increasing more quickly than inflation.But the pace of regular wage growth - excluding bonuses - has slipped back after reaching 2.9% in the previous month's set of figures - which was the best increase since 2015.It could further douse expectations of an interest rate hike this summer - already dampened by indications of sluggish economic growth after a first quarter in which the UK slowed to a near standstill.But there was a better than expected increase in the number of people in work, by 146,000 to 32.39 million, while unemployment fell by 38,000 to 1...
S. Korea unemployment surges to 17-year-high after minimum wage hike

S. Korea unemployment surges to 17-year-high after minimum wage hike

World
SEOUL, April 11 (UPI) -- South Korea's unemployment rate rose to a 17-year-high in March, after the country raised its minimum wage by the highest increase in 17 years in January.Statistics Korea on Wednesday announced the number of unemployed Koreans hit 1.25 million last month, recording a 4.5 percent unemployment rate, and marking the third straight month that the number of jobless people topped the one million mark.The situation was considerably worse for young people, aged between 15 and 29, with youth unemployment hitting 11.6 percent, a two-year high for that month.The number of employed people last month stood at 26.6 million, up 112,000 from a year earlier. It marked the second straight month of growth confined to the 100,000 range.Experts say the sluggish growth in jobs is likely...
'Zero real wage growth' forecast for 2018

'Zero real wage growth' forecast for 2018

Business
The UK's pay squeeze will end next year, but a meaningful pay rise remains out of sight, an influential research group has warned. The Resolution Foundation, which campaigns for fair pay, predicted inflation would no longer outpace wage growth by the end of 2018.But it said real wage growth would still be flat and that many households were pessimistic about their finances. The Treasury said it was "helping families to earn more".The Office of Budgetary Responsibility (OBR) projects that when the full figures for 2017 are confirmed they will show that wages have fallen by 0.4% in real terms as inflation has soared to more than 3%.The squeeze, caused by the fall in the pound since the Brexit vote, has contributed to weaker consumer spending and a slowdown in the housing market.The Resolutio...