While wages seem to be ticking up, they're doing little to keep up with skyrocketing inflation. | File
While wages seem to be ticking up, they're doing little to keep up with skyrocketing inflation. | File
As the demand for workers continues to increase, wages are beginning to rise in order to meet those needs.
Even though the federal minimum wage has remained $7.25 since 2009, the pressure to pay workers more and the need to increase wages has been rapidly escalating since the beginning of the pandemic, according to SC Biz News.
“The minimum wage debate that started a little before the pandemic, was highlighted during the pandemic, when workers in the service sector, restaurants, etc., felt that they were working long hours with little to no benefits, said Khandke, the Frederick W. Symmes Professor of Economics, according to Furman University news. “At the same time research on the poverty line and poverty threshold resulted in government intervention and trial programs with things like Universal Basic Income. So we may be seeing wages begin to go up in some of these low earning positions.”
Jeff Yankow of Furman University pointed out that while there may be increases to wages across the country, they have not corresponded to the increasing costs of living due to skyrocketing inflation, according to SC Biz News.
“So wages have been going up considerably for low-wage earners in nominal terms all summer. However, it is not clear whether real wages are increasing all that much given inflationary pressures in the cost of consumer goods,” said Yankow, according to SC Biz News.
While wages had gone up over the summer for production and nonsupervisory employees, those same employees were also working more hours.
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