Money calculator works out pay increase needed with inflation as workers lose out
dailyrecord.co.ukLast year saw the worst 12 month period for wage growth in half a century as many continue to battle against the cost of living crisis.
Across Scotland and the rest of the UK, people are feeling the pitch more than ever as income struggles to keep up with increasing outgoings - whether it be increase mortgage rates, food shops soaring or a bigger monthly energy bill.
Research carried out by Furniture At Work found that the average pay rise between December and February was 6.6 per cent. But when comparing this increase to inflation - 10.1 per cent - it means that most people across the country basically accepted a pay decrease over the last year.
In order to keep up with the rising costs, pay rises would be required to match rates of inflation. For example, a person earning £30,000 per year would need t pay rise of at least £2,670 to keep up with inflation - taking their yearly salary to £32,670.
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