Longest and Deepest Wages Slump in Century
People are more than 15% worse off than they would have been if wage trends, before the financial crisis, had continued. Photograph: Travelpix Ltd/Getty Images
Stephen: Yes, it’s depressing – and this story only reflects UK employee salaries, in what is just one example of an ever-growing global issue. This ‘slump’ has to be way higher in many other places.
Meanwhile, a separate study released today by the OECD said 48.5 million people were unemployed in ‘advanced’ countries in April. This includes Italy (where unemployment is 36 per cent) and Spain (where youth unemployment hit a frightening 57.22% last month). Hardly ‘advanced’ is it? – and even then I doubt these figures are completely accurate; nor do include what they must refer to as the ‘non-advanced’ countries.
Thank goodness we’re almost at the end of such uncaring, joyless madness.
By Katie Allen, The Guardian, June 12, 2013
http://www.guardian.co.uk/money/2013/jun/12/workers-deepest-cuts-real-wa...
Britain’s workers have suffered more financial pain since 2008 than in any five-year period of the modern age, according to research by a leading tax thinktank that shows employees have sacrificed pay to keep their jobs.
http://goldenageofgaia.com/2013/06/longest-and-deepest-wages-slump-in-ce...
