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Inflation has affected the price of goods & services for months now but the salaries have not matched up to rising costs.
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The truth is salaries won’t increase in the future either because employers are incapable of matching the 8.3% inflation rate.
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According to surveys, most employers are only capable of providing salary increases between 3.8% to 4.4% at most.
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The issue is that the gap between the cost of living and people’s earnings continues to increase which is not sustainable.
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To add to people’s misery there is a higher chance of their salaries going down than increase due to the condition of the economy.
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Companies don’t consider the increase in inflation rates when deciding on the employee's salaries and then they are stuck.
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Owing to all of this turmoil experts say that employees should ask for a raise right now before companies establish budgets for next year.
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This is the only time an employer might consider your request for a raise & include it in the company's salary budget for next year. 2:44