Global wage growth in 2017 declined to 1.8 percent, the lowest rate since the financial crisis in 2008, a new annual report by the International Labour Organization (ILO) revealed on Monday.
MOSCOW (Pakistan Point News / Sputnik - 26th November, 2018) Global wage growth in 2017 declined to 1.8 percent, the lowest rate since the financial crisis in 2008, a new annual report by the International Labour Organization (ILO) revealed on Monday."The Global Wage Report 2018/19 finds that in real terms (adjusted for price inflation) global wage growth declined to 1.8 per cent in 2017 from 2.4 per cent in 2016. The findings are based on data from 136 countries," the organization said in statement accompanying the report.
In 2008, the growth rate stood at 1.5 percent, while the global rate without China amounted to only 0.6 percent. At the same time, in 2009 the growth levels reached 1.8 percent, remaining at 0.6 percent without China, according to the report.
"In analyzing wage growth, the report finds that in advanced G20 countries real wage growth declined from 0.9 per cent in 2016 to 0.4 per cent in 2017. By contrast, in emerging and developing G20 countries, real wage growth fluctuated between 4.9 per cent in 2016 and 4.3 per cent in 2017," ILO added.
However, an issue of wage inequality still troubles "the low and middle income economies" with employees not getting enough to cover their needs and the needs of their families, according to the report.
