05-12-2024
The Effects of Inflation on Wage Stagnation and Rising Living Costs | Episode: 202
Inflation’s Impact: Rising prices reduce purchasing power, making it harder for workers to afford necessities.Wage Stagnation: Wages aren’t increasing at the same pace as inflation, leaving workers struggling.Key Drivers: Supply chain disruptions, global competition, and cautious post-pandemic business strategies.Worker Challenges: Rising costs for essentials like food, housing, and healthcare disproportionately affect lower-income earners.Employer Solutions: Offer non-monetary benefits, merit-based raises, and maintain open communication with employees.Worker Strategies: Upskill for better opportunities, negotiate wages, and diversify income streams.Systemic Issues: Addressing inflation and wage stagnation requires collaboration from workers, employers, and policymakers.