There is a lot of talk happening right now about inflation and wages. This is for good reason as inflation was recorded at 11.1% in October causing the cost of living to increase at its fastest rate in 40 years. Despite this, regular pay grew just 4.7% over 3 months to June, which means that UK workers are experiencing a real terms pay cut. With wages lagging behind inflation, this means that households have a lot less to spend on essentials and many are struggling right now.
Private vs Public
You will also find that there is a disparity between the public and private sectors. The UK private sector pay is growing 5 times as fast as public wages, which means that those that work in the public sector are facing the worst pay squeeze. This is causing a lot of anger and frustration with many public sector workers having played a key role in the fight against the pandemic in recent years.
This frustration also comes due to the fact that those in the finance and insurance sector are seeing annual wage growth of 21.% in December – much higher than the rate of inflation. This wealth inequality is one of the reasons that there are so many strikes planned over the coming weeks.
The Public Sector
The public sector is often seen as the glue that keeps society together. Public sector workers include nurses, paramedics, police and fire services, teachers, social care workers and civil servants. These workers all play a key role in society, yet many are struggling to make ends meet due to the cost of living crisis.
The Benefits of Working in the Public Sector
It is easy to see why those working in the public sector are frustrated, especially when looking at the money that is being made by others in the private sector. While wage growth is a real cause for concern, there are many good reasons to work in the public sector. In addition to the satisfaction of knowing that you are doing important and noble work, those in the public sector often enjoy greater job security, flexible working and the potential for career development.
In addition to the above, there are also other lesser-known perks. As an example, those that work in healthcare can enjoy many discounts on major brands. They can get an EasyJet discount code NHS that can help them to make big savings on flights. These discounts will be helpful in the current climate and could be useful for Christmas shopping.
Inflation is a major talking point right now and for good reason. It is a major cause for concern to see the cost of living increase so rapidly, but also the disparity between wage growth between the public and private sector and this is a key reason why there are a lot of frustrated workers in the UK right now.