Worker productivity constantly increases, but workers don’t feel this with higher wages.
NCR worker productivity increased by 42% over 2012-2021, measured as gross regional domestic product divided by employment. But the minimum wage only went up by 18%, so the productivity increases went to bloating corporate profits. The top 1000 firms soared 68% over that same period.
The minimum wage didn’t keep up with inflation, and the real wage fell by 5%, measured in constant 2018 prices.