The financial and economic crisis has cut global wage growth by half in 2008 and 2009, says a new report by the International Labour Office (ILO).
The financial and economic crisis has cut global wage growth by half in 2008 and 2009, says a new report by the International Labour Office (ILO).
Analyzing data from 115 countries and territories covering 94 per cent of the approximately 1.4 billion wage earners worldwide, the “Global Wage Report 2010/11 – Wage policies in times of crisis” says globally, growth in average monthly wages slowed from 2.8 per cent in 2007, on the eve of the crisis, to 1.5 per cent in 2008 and 1.6 per cent in 2009. Excluding China from the aggregate, the global average wage growth drops to 0.8 in 2008 and 0.7 in 2009.
See full Press Release.
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