THE International Labor Organization (ILO) said global wages fell in real terms in the first half of the year, the first such decline in the 21st century.
THE International Labor Organization said global wages fell in real terms in theIn its Global Wage Report 2022/23, the ILO said monthly pay declined 0.9% year on year in theDuring the pandemic in 2020 and 2021, global real wages rose 1.5% and 1.8% respectively.
“Countries should continue to strive for a more equal world without extreme poverty and we need more social justice.”ation since they spend more on essential goods, whose price tend to grow more rapidly. Real wage growth in North America slid to -3.2% from 0% last year, while Latin America and the Caribbean saw growth decline to -1.7% from -1.4% in 2021.ation continues to reduce the purchasing power of minimum-wage workers.
“Wage levels will naturally increase if businesses are expanding and they know that workers can leave anytime if they are not properly compensated,” he said in a Viber message.
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