Pay growth has slowed over the past year, as people worked fewer hours in a weaker and overcrowded jobs market, a new report has found.
The Melbourne Institute Wages Report released today, found that total pay growth dipped to 2.9 percent in the year to November, from 4.1 percent in the year to August.
According to Melbourne Institute research fellow Dr Edda Claus, the figures are consistent with a surge in under-employment during the downturn.
“Overtime and penalty rates were only a minor source of pay rises over the past twelve months,” she said. “This is consistent with the rise in under-employment over this past downturn.”
Expectations for pay over the next year also fell to a growth rate of 2.1 percent, from 3.2 percent in the August survey.
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