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Salaries Increase By Only 1%

A recent government report shows that people’s income is quickly been outstripped by inflation as cash strapped companies are unable to offer their employees significant salary increases.

According to the report private sector workers received, on average, a pay increase of only a paltry 1.0%

This tiny increase was outstripped by the approximate 4.3% inflation figure around the same time period and has been labeled as an all time low. In some cases, in companies under financial strain, workers have even been asked to take a wage reduction or face the risk of the firm having to shut down.

If you have found that your income is not keeping up with the cost of living and price increases for transport, food and accommodation and are struggling to keep up with your debt obligations then you should quickly consult with an NCR registered professional Debt Counsellor. They will be able to (1) offer you advice on your monthly spending habits and (2) discuss legal options you have in paying your creditors only what you truly can afford each month, rather than what they demand.