Working hours are at an all-time high yet productivity has collapsed – low wages, inflexible work practices and job insecurity are to blame For years people in the UK have been working more but achieving less. It’s a puzzle: working hours are at an all-time high and more people are employed than ever before, yet productivity is collapsing – government figures show output is at its lowest level since 1991. So why is productivity plummeting? The answer is partly down to rising wage inequality, says Sandra Polaski, the former US secretary of state’s special representative for international labour affairs. Wages in the UK have barely increased in the past 15 years and the nation has been hit by the biggest fall in real pay since the recession out of all countries in the Organisation for Economic Co-operation and Development (OECD), apart from Greece. Continue reading...
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