UN reports 2.7 percent global real wage growth in 2024
A report by the International Labour Organisation (ILO), a specialised agency of the United Nations, said real wages increased by an average of 1.8 percent globally in 2023 and are expected to grow by a further 2.7 percent by the end of 2024, TASS reports
It is noted that ‘global wages have been growing faster than inflation in recent times’. In 2023, global real wages grew by 1.8 percent with projections reaching 2.7 percent growth for 2024 – the highest increase in more than 15 years.
The report says this situation contrasts with a 0.9 percent pay cut in 2022, ‘when high inflation outpaced nominal wage growth’. According to the report, wage growth ‘has been uneven across regions’, with emerging economies having higher growth rates than advanced economies.
In addition, wage inequality ‘remains a pressing issue’, the ILO stated. The report also added that ‘the lowest paid 10 percent of workers earn just 0.5 percent of the global wage bill, while the highest paid 10 percent earn almost 38 percent’.
