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8
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Friday, June 18, 1971
STEEP RISE IN INDUSTRIAL WAGES
And Better Standards Of Living
Industrial wages have nearly doubled and the standard of living has
risen by nearly 50 per cent in the last seven years. These significant facts are revealed in statistics released today by the Commissioner of Labour, Mr. R.M. Hetherington.
The statistics also showed that there was a record steep rise in wages between March 1970 and March 1971. Between 1964 and 1970, the average yearly increase was about 9 per cent. The increase for the past year was about 18 per cent. These are reflected in the following indices:
March 1964 March 1970 March 1971
100 163 192
Because the cost of living did not rise proportionally, the result was that the standard of living appreciably improved. Between 1964 and 1970, the average yearly increase in real wages was about 5 per cent. The increase for
the past year was a record 10 per cent. The relevant indices are as follows:
March 1964 March 1970 March 1971
1.00
132
145
Mr. Hetherington said that he expected this information would be challenged.
He went on, "Unless the methods used by the Labour Statistics Unit are
studied, misunderstandings will inevitably arise. An important point is that the indices are based on conditions in 1964. Few people can realistically think
back to conditions which existed seven years ago. Recollections of standards of
·
living in 1964 fade and are overlaid by more recent memories with higher
aspirations and greater expectations."
Mr. Hetherington