Striking fall in wages could lead to social unrest, warns International Labour Organisation
The HinduInflation and a global slowdown in economic growth due to the war in Ukraine and global energy crisis are causing a “striking fall” in real monthly wages in many countries, says a report by the International Labour Organisation. Except for Mexico, in 2022 all emerging G20 economies exhibit average monthly wages that are higher in real terms than the baseline,” the report said. It added that despite more rapid wage growth among emerging G20 economies, there was still a significant gap between their average level of real wages and that of advanced G20 economies. “Conversion of all the G20 countries’ average wages into US dollars using exchange rates based on purchasing power parity yields a simple average wage of about US$ 4,000 per month in the advanced economies and about US$ 1,800 per month in the emerging economies,” it said. “Among advanced G20 countries, real wages in the first half of 2022 are estimated to have declined to minus 2.2%, whereas real wages in emerging G20 countries grew by 0.8%, 2.6% less than in 2019, the year before the COVID-19 pandemic,” the ILO said.
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