WASHINGTON (dpa-AFX) - Pay packets around the world rose 1.8 per cent in 2023 and continued their positive trend in the first half of the year, rising by 2.7 per cent on the back of a strong post-COVID global recovery, the International Labour Organization said on Thursday.
'If this trend is confirmed, it will be the largest gain in more than 15 years. however, this positive trend is not shared equally across regions,' said ILO Director-General Gilbert Houngbo.
Speaking in Geneva at the launch of ILO's Global Wage Report, Houngbo noted that today's global wage gains reflect a notable recovery compared with the 0.9 per cent decline in 2022, when high inflation and higher prices outpaced wage growth.
The report notes a nearly six per cent wage increase in emerging economies in 2023 after a 1.8 per cent rise in 2022, a positive trend that has continued in 2024.
This is in contrast to the salary hike in highly-industrialized economies, where wages 'grew modestly' by 0.9 per cent last year, the ILO chief said.
Despite this welcome development, prices remain too high for low-income households who have continued to struggle with the rising cost of living. 'Inflation - albeit reduced - remains a harsh reality in many emerging and developing countries,' the UN labour agency chief noted.
From a regional viewpoint, average wages increased faster in Asia and the Pacific, Central and Western Asia, and Eastern Europe, compared to the rest of the world.
In 2024, except for African and Arab States, where average real wages remained stable, wages grew in all regions in 2024. Central and Western Asia recorded the highest average rise in pay increase - 17.9 per cent - the report says.
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