Tag: Global Wage 2022-2023 Report

Indices 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%. Key Findings: 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. About ILO Formation - April 11, 1919. Headquarters - Geneva, Switzerland Director General - Gilbert Houngbo (Togo) Awards - Nobel Peace Prize (1969)