Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Workers Need The Trifecta

Workers Need The Trifecta

“Although the Quarterly Employment Survey shows that employment and hours worked are up, wages are barely moving,” said Council of Trade Unions economist Peter Conway today.

“What workers really need is the trifecta - more jobs, more hours available for those on reduced hours or casual work, and higher wages,” he said.

“We need to see continued growth in employment and hours of work so that there are expanding employment opportunities in the labour market, but unless real wages start rising, there will be a general perception that workers are not sharing in the benefits of economic growth.”

Peter Conway said that, although a variety of factors influenced the figures, it was clear that wages were not rising when compared to CPI.

The QES showed a fall in wages this quarter and an increase of only 2.4% for the May year. Private sector wages rose by only 1.4% for the year. The labour cost index was up 2.1% for the May year (2% for private sector) and CPI is running at 2.8%.

Peter Conway said that the Labour Costs Index does show however that where there were actual increases rather than no movement, the increase was on average 3.8% in the private sector with a median of 3.0%.

“This is more in line with the sort of increases unions are negotiating but it is hard to generalise as there are many different factors operating,” Peter Conway said.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news