Total pay (including bonuses) grew 4.8% in the year to November-January and regular pay 3.8%.After inflation, total pay is up 0.1%, but regular pay is down 1% (inflation over the three months averaged 4.8%).This is the first time that real regular pay has fallen by 1% in a three-month period since summer 2014, and it has been falling since November last year.In the public sector, total pay was up just 2.4%, compared to 5.3% in the private sector.This is despite a backdrop of booming employment, and the fact that there’s now one unemployed person for every vacancy: a new record low.Q4 2021 hedg…