Increasing costs of rent are hindering workers from benefiting from increases in wages due to the growth of economy and reaching full employment. The number of people who work are reaching record highs because of the booming economy. However, growth in wages cannot keep up with skyrocketing increases in homes.
The average cost of housing is increasing at a rate twice that of average earnings throughout the country. Rent has increased by 8% in 2018. The average wage increased by just over 3%.
According to the Center Statistics Office, the unemployment rate as of the second of July, 2019 is 4.5%. Although this is a relatively low percentage of unemployment other problems exist such as joblessness, skill shortages and low levels of employed women.
Modest official inflation figures are being questioned by various economists to determine if the figures are truly representative of what is actually occurring as increasing demands for greater pay is contributing to more pressure on workers.
In response to heightening housing prices, there have been many actions for the “living wage” to be heightened by an additional …