Wages Today......quite staggering when you think about it.

[BoldonLad]

Or the business goes bust.

Indeed, business is not exempt from the law of Supply and Demand either.

 

[cyberknight]

The drive for constant growth and inflation makes comparisons a waste of time. Austerity and pay cuts/ pay freezes since 2007/8 mean people in work are far worse off than they were in 2006 despite low inflation levels. The diversity between the haves and have-nots is growing.

A living wage to independently support a family in the UK is beginning to be out of reach to working families and is resulting directly to levels of poverty not seen since the Great Depression and the Industrial Revolution.

Many people are living a nightmare caused by a lack of cash to avoid falling into debt before their next pay-day.... personal debt across the UK spiralling.

People often choose not to know how bad it is.

Our place used to use maintain and improve the workers standard of living , over the last 5-6 years it has been replaced by maintain stable employment whch means effectively a pay cut when compared to cost of living .They also swapped from RPI to CPI to calculate a base pay rise statistically rpi is 1 % higher so that's a 1 % pay freeze every year .
Using the calculator as a guide im roughy £100 a week in real terms short in earning power and i agree, we used to be able to afford nice holiday every year and now we have to scrimp to afford a caravan for a week .We could afford 2 cars and now its down to 1 and i cycle commute to save petrol.

 

[marinyork]

It may not be a pleasant thought, but, Labour is subject to the law of supply and demand, just like any other commodity. If employers cannot get employees to fulfil a given role, wages (for that role) increase.

Lemons to that.

 

[Rusty Nails]

Another 1947 CCer here.

My parents bought me a Raleigh Trent Sports in 1958 for passing the 11+. It was my first new bike and it cost them £21.....£490 at today's rates.

My Dad was a factory worker on not a lot of money so that must have been a huge expense for them. Knowing how tight things were for them back then they must have bought it on the never-never with a Provident cheque, but I was so shallow at that age I don't think I really appreciated their sacrifices and just wanted to be out on the bike and to use it to go to my new school five miles away.

 

[neil_merseyside]

I started an apprenticeship in 77 and after I'd paid Mum her 25% and put aside bus fare and lunch money I found that me and 'Spud' Murphy (he was clever and in 6th form) could both get well hammered on Fri/Sat night and on a Sun lunch - just before I had my annual rise we had to pick when to get mashed, as we'd built up a tolerance, and then my annual increment never got us back to multi night mullered - I did get another extra night mullered once he went to uni, and wasn't drinking half my cash . No idea what I got paid, maybe about £18 take home from a very sketchy memory? - can't think why...

 

[GM]

My first job in 1964 as an apprentice fitter and turner earning £3.16.10p. Amazing I can't remember things from a couple of weeks ago, but never forget my first weeks wages.

 

[Beebo]

I remember working for Sainsbury as a shelf stacker in the school holidays and getting paid in cash.
you had to queue up outside the cash office and they passed it to you though a little window.
it’s the only job where I have actually been paid in cash and this was 1991. It was about £3.50 ph. plus there’s no tax when you are in education.

 

[Levo-Lon]

My grandaughter is 16 and at college. She has just got a weekend job as a 'house keeper' in a sheltered home type place.
£9.00 PER HOUR .
When I was 15 I worked 40 hours a week for £4.50 (thats £4 10 shillings in real money). Its hard to equate that.

Trouble is that's what you get at 50 yrs old with 30 yes experience.
But as a kid it would be awesome

 

[Electric_Andy]

My first formal job was in a supermarket at 16 (1997). I got £2.66/hour. That equates to £4.87 today. I think it's good that wages have gone up, it shows young people that you can actually work hard and get some useful money.

 

[MarkF]

My annual salary in 2020 is 50% less than my salary in 1997.

 

[Milzy]

My annual salary in 2020 is 50% less than my salary in 1997.

My hourly rate is £10 more than inn1997.

 

[Joey Shabadoo]

My salary is more than double what it was 5 years ago - 2.3 times more. My tax & NI has more than quintupled - 5.2 times more

 

[theclaud]

Lemons to that.

Swear filter?

 

[Jenkins]

Just dug out a pay slip from April 2010 (the oldest I can find) and compared it to this January's. Same job, grade, etc, the only things that have changed are the way in which shift pay and weekend attendance payments are calculated, plus changes in taxation.

January 2020 basic salary is only £106 more than April 2010
January 2020 take home pay is £130 LESS than April 2010

 

[marinyork]

Swear filter?

Famous economic paper, early exploration of information asymmetry and how price can screw up markets. The author later won a nobel prize for it, but is less famous than his co-winner; Stiglitz. A lemon is a duff car.

Similarly others more imaginative than BoldonLad on this thread pointed out how the price of labour screws up quality.