If your raise this year was less than 7.1%, it didn't keep up with inflation — and you effectively got a pay cut

Dec 29 2022 by Business Insider

 

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Wages have been going up this year, but so have prices — and prices are growing faster. Skyrocketing inflation has meant that a pay raise of 7.1% or below is essentially a pay cut. While wages have grown by about 5% year-over-year, real hourly earnings have fallen over the last year.

Inflation means that you're getting less bang for your buck, and your employer likely isn't making up the difference. 

It's the time of year when annual raises come in, but if you didn't...

Continue Reading If your raise this year was less than 7.1%, it didn't keep up with inflation — and you effectively got a pay cut