{"id":32986,"date":"2024-11-30T18:03:48","date_gmt":"2024-11-30T12:33:48","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=32986"},"modified":"2024-11-30T18:03:49","modified_gmt":"2024-11-30T12:33:49","slug":"global-wage-report-2024-25-ilo","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/30-11-2024\/global-wage-report-2024-25-ilo","title":{"rendered":"Global Wage Report 2024-25: ILO"},"content":{"rendered":"\n<p><strong>Syllabus: GS3\/Economy<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Context<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The International Labour Organization (ILO) has released the Global Wage Report 2024-25.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Global Wage Report is an <strong>annual <\/strong>publication released by the ILO. The first edition was published in <strong>2008<\/strong>.<\/li>\n\n\n\n<li>It provides a detailed look at wage trends around the world and in different regions, highlighting <strong>changes in wage inequality and real wage growth.\u00a0<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Major Highlights of the Report<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Decrease in Wage Inequality:<\/strong> The wage inequality has decreased at an average rate of 11.1% per annum in about two-thirds of all countries around the world since 2000.<\/li>\n\n\n\n<li><strong>Increase in Global Wages: <\/strong>Global wages have grown faster than inflation in recent times.\n<ul class=\"wp-block-list\">\n<li>The global real wages grew by 1.8% last year, while the projections have reached 2.7% growth in 2024, the highest increase in over 15 years.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Regional Disparity in Growth: <\/strong>Africa, Northern America and parts of Europe recorded stagnant or negative real wage growth.<\/li>\n\n\n\n<li><strong>Persistent inequality:<\/strong> Low-income countries suffer from significantly higher wage inequality compared to high-income nations, with nearly 22% of workers earning less than half the median hourly wage.<\/li>\n\n\n\n<li><strong>Decoupling between productivity and wages:<\/strong> Despite a 29% rise in productivity in high-income countries between 1999 and 2024, real wages have only risen by 15%, highlighting a failure to share productivity gains equitably with workers.<\/li>\n\n\n\n<li><strong>A continual gender wage gap: <\/strong>Women, especially in lower-middle-income countries, remain disproportionately affected by wage inequality due to overrepresentation in informal, precarious and low-paid work.<\/li>\n\n\n\n<li><strong>Indian Scenario:\u00a0<\/strong>\n<ul class=\"wp-block-list\">\n<li>The shares of low-paid wage workers and low-paid non-wage workers in India declined at an average annual rate of 6.3% and 12.7% between 2008 and 2018.<\/li>\n\n\n\n<li>The share of low-paid wage workers \u2014 those earning less than 50% of the median hourly wage in the country \u2014 stands at 9.5% in India.\u00a0<\/li>\n\n\n\n<li>On the other hand, it is 9.4% for Pakistan, 10.5% for Nepal, 11.2% for Bangladesh, 13.7% for Bhutan and 25.9% for Sri Lanka.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Analysis:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Despite the positive trend, significant wage differentials persist worldwide.<\/li>\n\n\n\n<li>Such positive outcomes mark a notable recovery compared to the negative global wage growth, of -0.9%, observed in 2022.<\/li>\n\n\n\n<li>The emerging economies have experienced stronger growth than the advanced ones.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Suggestions<\/strong>\n<ul class=\"wp-block-list\">\n<li>Minimum wage adjustments need to be more responsive to inflation, especially to protect low-wage earners.<\/li>\n\n\n\n<li>Stronger worker protections, policies and regulations to address precarious and insecure forms of work.<\/li>\n\n\n\n<li>Action to close the gender wage gap and ensure equal pay for work of equal value.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#ebecf0\"><tbody><tr><td><strong>About International Labour Organization<\/strong><br>&#8211; It is an United Nations Agency established in<strong> 1919<\/strong> as part of the Treaty of Versailles that ended World War I, and it became the <strong>first specialized agency of the UN in 1946.<\/strong><br>&#8211; It has <strong>187 Member states.<\/strong>It sets labour standards, develops policies and devises programmes promoting decent work for all women and men.<br>&#8211; It is the only tripartite U.N. agency that brings together governments, employers and workers.<br>&#8211; It is headquartered in<strong> Geneva, Switzerland.<\/strong><br>&#8211; <strong>Major Reports:<\/strong> World Employment and Social Outlook (WESO), Global Wage Report, World Social Protection Report, World Employment and Social Outlook for Youth, World of Work Report.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.business-standard.com\/politics\/congress-slams-govt-over-ilo-report-findings-calls-out-wage-inequality-124112900239_1.html\" target=\"_blank\" rel=\"noopener\"><strong>BS<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Labour Organization (ILO) has released the Global Wage Report 2024-25.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-32986","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/32986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=32986"}],"version-history":[{"count":1,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/32986\/revisions"}],"predecessor-version":[{"id":32987,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/32986\/revisions\/32987"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=32986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=32986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=32986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}