Between 2010 and 2011, 70 per cent of employees who stayed in the same job fronted real wage cuts, while a third of those workers faced nominal wage freezes or cuts (12 per cent experienced freezes and 21 per cent experienced cuts).
The last time that such a high proportion of workers faced real wage cuts was between 1976 and 1977, when inflation exceeded 15 per cent. The proportions of nominal wage freezes and cuts are said to be the highest since the series of wage cuts began in the mid-1970s, according to the Institute for Fiscal Studies latest report.
The period since the recession began in 2008 has seen the longest and deepest loss of output in a century. Real wages have fallen by more than in any comparable five-year period; productivity levels have dropped to an unprecedented degree, the British think tank revealed.
Average real hourly wages amongst workers who stayed in the same job have fallen faster in the private sector than in the public sector over the last few years, such that the public-private sector wage gap has increased substantially over this period.
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