Inflation continues to threaten the wages of many key workers in the medical field. According to the Trade Union Congress (TUC), because pay increases are not keeping up with inflation, this year key workers could actually take home less in real terms than the year before, which could lead to lower morale and might even force some workers to quit.
This does not constitute advice and advice should be sought in all instances before acting on it.
Even though the Treasury has said public sector wages would be going up for the next three years, the TUC is calling on the government to secure decent pay rises for public sector workers who are already at a disadvantage after a decade of price rises outpacing their pay.
As inflation is predicted to hit 6-7% this year, with some forecasts saying we’ll hit this number by April, the disparity in NHS wages will only worsen.
This is a huge blow for frontline pandemic workers who have worked hard over the last few years to save lives since the outbreak. These workers can’t sacrifice any more than they already have, but are now also in the midst of a cost-of-living crisis. TUC is urging the government to ease restrictions on pay policy and to provide government departments more funding in an effort to show support for key workers.
According to TUC, nurses’ pay is £2,700 worse off than over a decade ago. With stagnating wages, excessive workloads, and a lack of recognition, it’s no wonder there’s a staffing crisis in the NHS and other public services.
The National Living Wage is set to rise to £9.50 an hour from April and the government will provide £12bn over the course of this and next financial year to help families with the cost of living increases, including increased food costs and energy bills.
If you’re concerned this issue might affect you, get in touch with us today. We’re happy to review your finances and help you come up with a plan of action.
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