A fair increase is actually inflation (cost of living) PLUS labor productivity gain. If one only adjusts for inflation, we would still be working hours to buy a pound of butter, like in the 1800s.
A fair increase would currently be something like 4% inflation + 3% productivity gain = 7%.
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A fair increase is actually inflation (cost of living) PLUS labor productivity gain. If one only adjusts for inflation, we would still be working hours to buy a pound of butter, like in the 1800s. A fair increase would currently be something like 4% inflation + 3% productivity gain = 7%.