Wage freeze

From a report in The Australian, by TOM DUSEVIC

More Australian workers will have their pay cut or wages frozen as the nation emerges from the COVID-19 recession.

55% of companies surveyed by the RBA have implemented a wage freeze or will implement one in the coming year. Furthermore, some companies have imposed temporary wage cuts, mostly for senior staff.

In addition, the RBA expects unemployment to peak at 8 per cent this quarter; it will be no lower than 6 per cent by the end of 2022.

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