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Low inflation means it’s time for a pay rise
Low inflation means it’s time for a pay rise
With inflation falling for the second quarter in a row now is the perfect time for a pay rise for workers says FIRST Union General Secretary Robert Reid.
New data today from Statistics New Zealand reveals that annual inflation has dipped to 0.1 percent, well below the Reserve Bank’s 1-3% targeted inflation rate.
“This government has done everything it can to keep our national wage bill low, including attacks on collective bargaining and significant cuts to government spending” says Reid.
“Before last year’s budget Bill English was talking up wage growth of 3.4% for Kiwis over the next four years. This is yet to eventuate, and now we are being threatened with the spectre of deflation”.
“The best way to guard against deflation is to increase workers’ spending power” says Reid.
“The time is right for a substantial pay increase for New Zealand workers”.
“According to the Department of Labour’s own calculations raising the minimum wage to the Living Wage of $18.80 would have an inflationary impact of just 1% - exactly what we would need to put us back into the Reserve Bank’s target window” says Reid.
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