Wages Tumble Amid Covid-19 Crisis

Wages Tumble Amid Covid-19 Crisis

Average earnings fell 1.3 per cent, after adjusting for inflation, in the three months to May, the deepest contraction in real pay since 2014 as many employers chose not to top up the furlough scheme, which covers only 80 per cent of wages up to £2,500 a month.

The figures have been released by the Office for National Statistics.

Additionally, the figures show that hours worked have fallen at the steepest rate since records began.

In the period March to May the total number of hours worked  decreased by 175 million, or 16.7 per cent, compared with the same quarter last year, to 877 million. This was the largest annual drop since estimates began in 1971, with total hours now at their lowest level since July 1997 despite the far larger working population.

Average actual weekly per-worker hours fell by 5.5 to a record low of 26.7 hours.

The Graham Agency, working with you,