Employees in the UK who are in the top one per cent of earners have enjoyed a 7.6 per cent pay rise over the last two years.
Analysis published by the Trades Union Congress (TUC) earlier this week showed those earning £63 or more per hour – amounting to £2,300 a week – have seen their wages increase at a faster rate than any other income group between 2016 and 2018.
While their salaries jumped by almost eight per cent during this period, real wage growth for the typical worker rose by a much more modest 0.1 per cent.
General secretary of the TUC Frances O’Grady said: “While millions struggle with Britain’s cost of living crisis, pay for those at top is back in the fast lane.”
She went on to say: “We need an economy that works for everyone, not just the richest one per cent.”
Ms O’Grady added that Prime Minster Boris Johnson “is focused on helping his wealthy mates” through his plans to cut taxes for higher earners, instead of providing more financial assistance and support to ordinary workers.
This pay rise for the wealthiest employees is widening the pay gap with average earners, particularly as pay for many people is still lower in real terms than before the financial crisis.
Indeed, the latest figures from the Office for National Statistics revealed the rate of pay growth dropped in June to August 2019 for both total, and regular, pay.
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