As per the report, covering over 1500 working professionals in New Zealand, about 70 percent of the respondents say their wages have not kept up with the rising cost of living over the last 12 months. Furthermore, majority of them (63.5 percent) feel they are being paid unfairly for the work that they do.
Acting CTU Secretary Tali William said, "This shows the impact of New Zealand’s low wage economy and the importance of policies like Fair Pay Agreements, which would set minimum floors across industries for workers' pay and conditions."
Tali added that New Zealand is one of just a few developed countries that is still missing some form of these minimum conditions, and the same is reflected in persistent low wages. "At a time when our local economy needs all the help it can get, low wages mean lower spending in the economy and hurt workers and businesses alike," said Tali.
With the potential omicron outbreak and ongoing economic uncertainties the future look bleak.
The report also highlights the increasing rate of stress among working professionals. While the workload and stress increase, the wage growth has been negligible, causing further frustration. 58.8 percent of the respondents shared that their workload is worse than it was 12 months ago and 50 percent said that their work-life balance has worsened over that same period.
The working professionals demand more support from the employers and government to bridge this wage gap.
Tali added, "This year as we continue to grapple with the pandemic, the Government needs to take steps to rebalance our economy and make sure that working people are paid fairly.