Jane43
Elizabeth27
I am sure many on here will remember the late 1970s when interest rates were 17% and prices were going up daily.
Yes but the Labour government at the time had a policy that when the consumer price index rose by a certain percentage everybody had a wage increase, I think it was 50 pence. I remember DH having several increases at the time. Harold Wilson or Jim Callaghan would have been PM at the time. One MP a few days ago said people should work more hours, such compassion.
Are you referring to what were known as "threshold payments" in around 1973 to 1974?
If I remember correctly it was not quite like that.
As I remember it, in order to try to curb inflation, they brought in a law such that wage settlements had to be at least one year apart. I think that that might have been the Conservative government that brought that in.
However, to restrain pay settlements and possibly thinking "it will never happen" allowed pay settlements that included that if the retail price index rose above some govenment stated threshold then for each thresho;d increment of some size above that, an extra pay increase of, if I remember correctly, £40 a year extra would be paid with immediate effect. Please bear in mind that a quite reasonable annual salary at the time was about £2000 per year, though some people got more and some people got less. So £40 a year was often a 2% pay rise, a bigger percentage for someone earning less.
Labour became the government again in February 1974.
In the event, the policy was treated by employees and unions as meaning "immediately a year had passed". 
Thus began the era of "the annual wage round". I don't know if it still happens today, but for many years it became established. Each industry sector having its place in the wage round more or less by chance as to when they had previously settled a wage increase claim when the policy started.
It did happen and if I remember correctly for several months in 1974 one, or two, were being added each month.
A few years later a union leader, Jack Jones, suggested "£6 a week for everbody" and that gained general acceptance and happened, so people less well paid got quite a large percentage increase that year.