Tuesday, August 12, 2014

Workers too lazy to resign!

Slow growth in wages blamed on workers too worried to leave

This article blithely states that the reason why there is no wage inflation, (an apparent policy goal for the BoE), is because people are too scared to leave their jobs. However "fortunately" the improving economy will giver people lots of reasons to resign and enable wage inflation and worker shortage for companies. A brief nod to foreign workers holding wages down.

Posted by stillthinking @ 09:21 PM (2441 views)
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4 thoughts on “Workers too lazy to resign!

  • No. It is entirely due to uncontrolled immigration from lower wage, lower employment countries.

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  • Incidentally, this is one of the reasons interest rates are unlikely to rise any time soon.

    Like, how 10 year UK bonds have collapsed from 3% in January to a low of 2.4% in recent days. I am expecting mortgage rates to start falling soon.

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  • What the rentier swing voters in marginal seats is wages going down and property prices going up. From their point of view the wages of gardeners, cleaners, carers are horrendously high (“hired help is so expensive today”) and the prices of property a fraction of what they deserve to be. Those swing voters tend to be middle aged, older women who because of divorce or widowhood own a large house and pay other people for help.

    They boost their lifestyles by borrowing at very low rates with remortgages against their capital gains, thus avoiding having to sell their properties to cash in.

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  • There is another amazing story in that article:

    «The IPPR think-tank said the UK was becoming the “self-employment capital” of Western Europe. Its analysis showed between the first quarters of 2013 and 2014, the number of self-employed workers rose by 8 per cent, faster than any other Western European economy. However, Labour said that average income for self-employed people has fallen by £2,000 since 2010.»

    Put another way, the rise in self-employed status is because:

    * Middle class people who lost their job and don’t want to put a period on unemployment on their CV.
    * Working class people on what are in effect zero-hour piecework jobs, and not just as minicab drivers; who have been told that if they want a job they must be self-employed, like drivers of most delivery services, that are self-employed contractors but must wear livery, obey the same employee manuals, obey the same managers, as employees.

    Thus the fall by £2,000 in average self-emmployed income: it is the latest ruse to turn permanent workers into casual workers.

    These people will never be able to afford to buy even an ex-council house, and their destiny is to live in high-density multiple occupancy houses forever, odften even sharing a bedroom among 2-4 people, the modern version of tenements.

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