Wages are recovering after negative shift in 2022, says UN labour agency
2024-11-28 12:00
Geneva – Global wages are recovering after a negative shift in 2022, according to a new report by the International Labour Organization (ILO).
The report, “Global Wage Report 2022-23: Wages and minimum wages in the time of crisis,” finds that real wages – wages adjusted for inflation – declined by 0.9% globally in 2022. This was the first decline in global real wages since 2008.
The decline in real wages was driven by a number of factors, including the COVID-19 pandemic, the war in Ukraine, and rising inflation.
However, the report also finds that wages are starting to recover in some countries. In the first half of 2023, real wages grew by 1.0% in developed countries and by 0.5% in developing countries.
The recovery in wages is expected to continue in the coming years, but it is likely to be slow and uneven. The ILO projects that global real wages will grow by an average of 1.5% per year over the period 2023-2026.
“The recovery in wages is a welcome sign, but it is important to remember that many workers are still struggling to make ends meet,” said ILO Director-General Guy Ryder. “We need to continue to invest in policies that support wage growth and reduce inequality.”
The report also finds that the gender pay gap remains a persistent problem. In 2022, women earned on average 16% less than men globally.
“The gender pay gap is a major obstacle to economic equality,” said Ryder. “We need to take action to close this gap and ensure that women are paid fairly for their work.”
The ILO is calling on governments to take a number of steps to support wage growth and reduce inequality, including:
- Raising minimum wages
- Investing in education and training
- Promoting equal pay for work of equal value
- Strengthening social protection systems
“Wage growth is essential for reducing poverty and inequality, and for promoting sustainable economic development,” said Ryder. “We need to take action now to ensure that all workers benefit from the recovery in wages.”
Wages are recovering after negative shift in 2022, says UN labour agency
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