The UK saw one of the biggest falls in real wages among Organisation for Economic Co-operation and Development (OECD) countries, a new report from the organisation shows.
The OECD is an intergovernmental organisation which has 38 member countries. It was founded in 1961 to stimulate economic progress and world trade. Real wages dropped by 2.9% between 2021 and 2022, according to the data. This is in comparison to a 2.3% drop across the bloc.
The new data from the OECD also showed that the UK had one of the largest falls in employment among the least well-educated because of the pandemic. Between the end of 2019 and the last three months of 2021, the rise in economic inactivity among those with lower levels of education was one of the highest among the OECD’s 38 member countries.
