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Global Wage Report 2022-2023
December 13 , 2022
519 days
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- The report titled the “Global Wage Report 2022-2023: The Impact of inflation and COVID-19 on wages and purchasing power” was released by ILO.
- Global wages declined in 2022 for the first time since the 2008 global financial crisis due to increasing living expenses.
- This is threatening to worsen inequality and trigger social unrest.
- The countries that witnessed a fall in minimum wages include Bulgaria, Spain, Sri Lanka, South Korea, the United Kingdom and the United States.
- The overall wages were lower in real terms in 2022 when compared with 2008 in countries like the UK, Italy, Japan and Mexico.
- The year 2022 recorded the biggest gap between real labour productivity growth and the real wage growth in high-income countries since 1999.
- There is a wide gap between the average level of real wages of the emerging G20 countries and that of the advanced G20 economies.
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