But people pay for goods using the "some bucks" they earned as salaries.
Inflation is starting to affect retirement plans, and some are coming out. But companies need to want them.
Labour doesn't pay for their retirement.
>> inflation will eat up all their retirement
Their state pension increases in line with inflation thanks to the penion "triple lock" in the UK (this is temporarily the "double lock" for 22/23).
>> until there is enough labor
Adding labour has no direct impact on pension income, there can't be "enough labour" to reinstate a standard of living in a person's pension situation
Instead what will happen is existing groups who are already below water (e.g. foodbank users) will suffer more pain.
In that case you have a feedback loop creating infinite inflation that goes faster than those rate adjustments goes. There is no magical wand to wish away inflation like that.
When labour is free the amount of work is infinite, but with a higher price some work is no longer worth doing and workers get reallocated into the jobs that are still viable.
In the aggregate, people who want a job already have better paying skilled labour options. Why take a job as a cashier for example?