Millions of Britons who are reported to be "stuck" in low-paying jobs earning barely above-minimum salary have reached its record-high.
Over 5 million British workers are spending their lives earning money with low-paying jobs. The number of low-paid workers rose 1 percent last year, as reported by the Resolution Foundation think-tank.
The results of the report will reportedly have a negative effect on the economy of Britain-jeopardizing an opportunity for increased consumer spending as millions of Britons have little to no income left to spend after their basic needs have been met.
Furthermore, Low Pay Britain 2014 disclosed that the number of low-paid workers have increased by 250,000, with 5.2 million workers earning less than £7.70 per hour (about $12.4). The minimum wage is £6.50 an hour.
Moreover, 25 percent of minimum-wage earners have been stuck on the median hourly rate of £7.69 an hour for the past five years.
According to the report, women (27 percent) reportedly have lower salaries than men (17 percent).
Britons are said to be "twice as likely to be low paid" than workers in Switzerland and four times than workers in Belgium.
"It's troubling that the number of low-paid workers across Britain reached a record high last year. Being low paid - and getting stuck there for years on end - creates not only immediate financial pressures, but can permanently affect people's career prospects," said Matthew Whittaker, chief economist at the Resolution Foundation.
However distressing the situation may be, Whittaker said that raising the minimum wage will not solely solve all the problems in the labor industry.
"Raising the minimum wage can certainly help the very lowest paid workers, but we need a broader low-pay strategy in order to lift larger numbers out of working poverty," Whittaker added.
"Economic growth alone won't solve our low-pay problem. We need to look more closely at the kind of jobs being created, the industries that are growing and the ability of people to move from one job or sector to the other."
