According to the UK Office of National Statistics, while wages did technically rise over the last tax year, when accounting for rising costs, workers actually saw a 1% drop in pay. In the US, the Labor Department reports worker pay has increased by 4% in the past year, well below the 7% increase in prices. In South Africa, worker wages were frozen in 2020 and climbed 1.5% in 2021 – again, well below the estimated inflation of 4.5%. 

 

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