Real Wage Growth Unlikely in 2023, Say Industry Leader
Several business leaders are pouring cold water into the blood of those who hope that the wage settlement in the spring will give them better advice: It will be difficult to give supplements that keep pace with the price increases, is the message.
The country’s leading business leaders and politicians gathered on Thursday for NHO‘s annual conference in Oslo Spektrum.
VG wrote on Wednesday about the framework surrounding the spring wage settlement: Last year, Norwegian workers probably experienced a real wage decrease of 1.9 per cent, around NOK 10,000 for someone with an average income.
A fall in real wages means that prices rise more than wages. Another word for this is that purchasing power becomes worse.
The challenge is that it could happen again. According to Statistics Norway , the price increase from November 2021 to November 2022 was 6.5 per cent.
Not tilt safe
If there is a price increase in 2023, then the spring’s settlement must end at about the same, if the employees are not to end up losing out.