Real pay fell by 0.8% between October and December as inflation soared, official figures show.
Employers are having to increase salaries to attract the skills they need, as they face a continuing shortage of workers.
"There are still a lot of people who aren't working and nor are they looking for work," Sam Beckett, head of economic statistics at the ONS, told the BBC.She added: "At the start of the pandemic this was really a story about students [opting out] - but now it's mostly a story about the over-50s, older age groups disengaging from the labour market."
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