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Workers’ pay packets are rising at record levels, giving Chancellor Jeremy Hunt a headache, but providing a boon to employees battling to keep up with the cost of living.
In response to the recent financial crisis, the Obama Administration and the Federal Reserve Board are capping executive salaries and bonuses, and imposing a host of new regulations and mandates--all in the name of reducing risk. If the rule of unintended consequences applies anywhere, it applies here. Government pay rules have been tried before--and have consistently increased the very salaries and special bonuses they intended to curb. Besides, a sense of risk--instead of the certainty of taxpayer bail-outs--is precisely what would rein in some of the reckless corporate practices rightly dec...
The federal government pays its employees more than they would earn in the private sector. Economic studies consistently find that federal employees enjoy both higher pay and substantially higher benefits than comparable private-sector workers.
Private sector employment increased by 127,000 jobs in November and annual pay was up 7.6 percent year-over-year.