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From The Socialist newspaper, 2 July 2008

91% of pay deals are below inflation

'PAY SPECIALISTS' Industrial Relations Service (IRS) have reported that only around 9% of all pay deals agreed between bosses and workers in the three months to May 2008 were settled above the cost of living rise as monitored by the Retail Price Index (RPI). A massive 91% were getting pay deals that did not keep up with the cost of living!

The RPI is a more accurate measure of price inflation than the official Consumer Price Index - it includes some housing costs and is less weighted towards more 'luxury' consumer goods.

IRS come to the conclusion that "employers have gained the upper hand in pay negotiations" as below-inflation pay deals "are a reality for the majority of workers."

Such statistics from 'experts' largely confirm our feelings; they probably won't surprise many workers.

Every workplace has its own 'pay specialists' ie workers who get a monthly or weekly wage slip and notice that prices are rising far faster than their wages.

The employers are putting the squeeze on workers' pay to cut costs and maintain profits. Workers have been forced into pay battles just to try to keep up with inflation.

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The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

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In The Socialist 2 July 2008:

Hands off our NHS!

Feature: 60 years of the NHS


Socialist Party campaigns

Local government strike action: Workers say: 'enough is enough!'

Fight Labour's welfare privatisation

91% of pay deals are below inflation

Workers united against pay freeze


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Education - class segregation grows

Boris Johnson reveals his real policies

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Obituary: Terry Fields


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LGBT London Pride: No to homophobia


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Big oil returns to Iraq

Poland: Thousands join 'hands off the Labour Code' demo


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PCS shows action gets results

Visteon workers win 5%

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Tube cleaners in pay strike

Victory for Belfast Airport shop stewards

East London street cleaners fight privatised employer


 

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