How much should my pay rise to beat inflation amid cost of living crisis?
As the cost of living continues to bite, many of us are feeling the pinch.
Inflation is currently at 10.7%, meaning our daily essentials and bills are increasing in price.
This means our wages aren’t stretching as far, as rapidly rising inflation has meant many people have actually taken a pay cut as pay hasn’t risen at the same rate.
With prices of everything from fruit and vegetables to your average stamp rising – many will be taking a look at their pay slips and revising how much they should be taking home.
People in different sectors across the UK have taken strike action in an attempt to force their employers to increase their pay in line with inflation, among other reasons.
Not sure how much you should be taking home each month? Here is how much you should be earning in line with inflation.
How much should my pay rise in line with inflation?
For every £100 you earned last year, you would have to earn £109 this year for your money to have the same value, according to the Office for National Statistics’ (ONS) calculations.
You can use the ONS’ free online pay rise calculator to find out how much of a raise you should be asking for.
All you do is enter how much your earn per week, month, or year, and the website gives you data on what figure it should increase to and how much it should increase by.
According to the latest official figures from the ONS, average monthly pay excluding bonuses across the economy increased by 6.5% in the three months to January this year.
However, as this is below the rate of inflation, in real money terms, workers across the UK have experienced a pay cut.
What can you do about your salary?
Is enough being done to support people through the cost of living crisis? Have your say now
If you aren’t a member of a Union, negotiating a pay rise on your own can be difficult but by no means impossible.
Metro.co.uk has plenty of advice on negotiating a salary rise, top tips on how and when to ask for a pay increase, and advice from experts on getting a pay rise.
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