With wage growth stalling, employees are likely to face increased financial pressures, particularly as inflation continues to erode their purchasing power. The expected minimal increase in wages is unlikely to keep pace with rising living costs, leaving many workers struggling to maintain their standard of living, let alone plan ahead for their financial future. The most urgent impact, however, is likely to be the worsening of existing financial stress, and the knock-on effect on employee wellbeing and mental health.
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