The growth in global wages dropped to its lowest rate since the 2008 financial crisis last year, according to a report by the International Labour Organization (ILO).
The ILO’s Global Wage Report 2018/19 revealed that in real terms international wage growth fell to 1.8% in 2017 from 2.4% in 2016. The study, which was based on data from 136 countries and regions, also found that the global gender pay gap remained at about 20%, according to The News.
ILO director-general Guy Ryder said: “We see a worrying trend in terms of global wage growth," adding that slow growth looked set to continue over the year ahead.
In general terms, the report pointed to more robust average wage growth in low- and middle-income economies, although there were large disparities across different countries and regions. Overall, an estimated 50% of all wage earners in low- and middle-income economies continue to work in the informal economy, either in the informal sector or as informal workers in the formal sector.
In advanced G20 countries, real wage growth dropped from 0.9% in 2016 to 0.4% in 2017. By way of contrast, in emerging and developing G20 countries, it fluctuated between 4.9% in 2016 and 4.3% in 2017.
The report said: "While wages have increased rapidly over the past decade in some countries, most particularly in China, in many other countries average wages remain low and insufficient to adequately cover the needs of workers and their families."
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
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The growth in global wages dropped to its lowest rate since the 2008 financial crisis last year, according to a report by the International Labour Organization (ILO).
The ILO’s Global Wage Report 2018/19 revealed that in real terms international wage growth fell to 1.8% in 2017 from 2.4% in 2016. The study, which was based on data from 136 countries and regions, also found that the global gender pay gap remained at about 20%, according to The News.
ILO director-general Guy Ryder said: “We see a worrying trend in terms of global wage growth," adding that slow growth looked set to continue over the year ahead.
In general terms, the report pointed to more robust average wage growth in low- and middle-income economies, although there were large disparities across different countries and regions. Overall, an estimated 50% of all wage earners in low- and middle-income economies continue to work in the informal economy, either in the informal sector or as informal workers in the formal sector.
In advanced G20 countries, real wage growth dropped from 0.9% in 2016 to 0.4% in 2017. By way of contrast, in emerging and developing G20 countries, it fluctuated between 4.9% in 2016 and 4.3% in 2017.
The report said: "While wages have increased rapidly over the past decade in some countries, most particularly in China, in many other countries average wages remain low and insufficient to adequately cover the needs of workers and their families."
Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.
OTHER ARTICLES THAT MAY INTEREST YOU
A complete guide to minimum wages across China
Wages in both US and UK rise as unemployment falls
Hungary to continue payroll tax cuts - if wages rise fast enough
