Two years wage growth
Today’s figures from the Office for National Statistics show more people in work, while wages have now been outpacing inflation for 2 years.
The latest statistics posted a joint-record high employment rate (76.5%), while the number of people employed in the private and public sector reached over 27 million and 5.3 million respectively.
The news follows last week’s budget in which the Chancellor announced an increase to the National Living Wage and raised National Insurance Contribution thresholds to £9,500 – helping those on low pay.
It also included new measures to support workers and businesses to meet current challenges arising from the coronavirus outbreak. The Chancellor allocated £12 billion for temporary, timely and targeted measures such as paying Statutory Sick Pay from day one.
Minister for Employment Mims Davies MP said:
Our focus at present is guiding the country through the worst public health crisis in a generation and supporting families. People across the country are worried about jobs and their future, but with more people in work over the 3 months to January and wages continuing to outpace inflation, we start from a strong foundation. Last week the Chancellor outlined key measures to support British people, British jobs and British businesses through this difficult time.
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