Global Wage 2022-2023 Report
- The report “Global Wage Report 2022-23: The impact of COVID-19 and inflation on wages and purchasing power” was released by the International Labour Organisation (ILO)
- According to the report, it is estimated that the global monthly wages fell in real terms to minus 0.9 percent (-0.9%) in the first half of 2022.
- This is the first time in a century that the real global wage growth has been negative.
- In Asia and the Pacific, real wage growth increased to 3.5% in 2021 and slowed down in the first half of 2022 to 1.3%.
- Among advanced G20 countries, real wages in the first half of 2022 are estimated to have declined to minus 2.2% and the real wages in emerging G20 countries grew by 0.8%, 2.6% less than in 2019.
- The rising inflation has a greater impact on the cost of living on low income earners because they spend most of their disposable income on essential goods and services.
- Inflation also affects the purchasing power of minimum wages.
- The reports highlight the need to apply well-designed policy measures to maintain the purchasing power and living standards of wage workers and their families.
- Formation – April 11, 1919.
- Headquarters – Geneva, Switzerland
- Director General – Gilbert Houngbo (Togo)
- Awards – Nobel Peace Prize (1969)