Real wages to grow by 2.7% in average globally in 2024 — ILO

GENEVA, , November 28. /TASS/. Real wages are expected to grow by 2.7% by the end of this year, the International Labor Organization (ILO) said in its report.
“Global wages have been growing faster than inflation in recent times. In 2023, global real wages grew by 1.8 per cent with projections reaching 2.7 per cent growth for 2024, the highest increase in more than 15 years,” the Organization said. “Such positive outcomes mark a notable recovery when compared to the negative global wage growth, of -0.9 per cent, observed in 2022, a period when high inflation rates outpaced nominal wage growth,” it noted.
“In the meantime, wage growth has been uneven across regions, with emerging economies experiencing stronger growth than advanced economies,” the ILO highlighted in its report “While advanced G20 economies registered a decline in real wages for two consecutive years (·2.8 per cent in 2022 and ·0.5 per cent in 2023), real wage growth remained positive for both years in emerging G20 economies (1.8 per cent in 2022 and 6.0 per cent in 2023),” it added.
The high levels of wage inequality “remain a pressing issue,” the ILO noted. Globally, the lowest-paid 10% of workers earn just 0.5% of the global wage bill, while the highest-paid 10% earn nearly 38%of this wage bill, it said. “Wage inequality is the highest in low-income countries, with close to 22 per cent of wage workers there classified as low-paid,” the ILO added.