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Use these tips to pay attention to your work.Lifestyle

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One of the most important long-term effects of the COVID-19 pandemic on the economy could be rising wages. Due to the widespread labor market shortage reported this summer, many employers, especially those with low-wage employees, have sought to seduce workers by improving compensation and benefits. These trends have led to the fastest wage growth since the Great Recession, especially among the lowest-income earners.

However, low-wage professions have a long way to go to match the high wage growth rates of high-income jobs over the last few decades. Inflation-adjusted wage growth for workers in the 10th percentile of wages from 1979 to 2019 was only 3.3%, according to data from the Institute of Economic Policy. For median earners, wages increased 15.1% over that span, while for 95th percentile earners, wages increased 63.2%.

These different trends have boosted Americans’ share of high-income professions and created a large gap between the upper and lower limits of the income spectrum. Twenty years ago, only 0.7% of American workers typically had jobs that paid more than $ 100,000 a year. By 2015, its share was 3.8%. And in the last five years alone, the percentage of American workers in six-digit jobs more than doubled to 7.9% in 2020.

Use these tips to pay attention to your work.Lifestyle

Source link Use these tips to pay attention to your work.Lifestyle

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