• About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, September 25, 2023
Dubai News TV
">
ADVERTISEMENT
  • Home
  • UAE
    • Abu Dhabi
    • Dubai
    • Ajman
    • Fujairah
    • Ras Al Khaimah
    • Umm Al Quwain
  • REGION
    • Middle East
      • Bahrain
    • GCC
      • Qatar
    • MENA
      • Syria
    • Asia
      • Afghanistan
      • Bangladesh
      • India
      • Iran
      • Israel
      • Pakistan
      • Sri Lanka
    • Africa
    • Europe
  • REAL ESTATE
  • Opinion
    • EDITOR’S CHOICE
    • The Big Read
    • Viewpoint
    • EXCLUSIVE
  • World
  • CPEC
  • Expo 2020
  • Business
    • Local Business
    • Forex
    • Markets
  • TECH
    • Science
    • HEALTH
  • Horoscope
  • PR
  • Sports
  • Home
  • UAE
    • Abu Dhabi
    • Dubai
    • Ajman
    • Fujairah
    • Ras Al Khaimah
    • Umm Al Quwain
  • REGION
    • Middle East
      • Bahrain
    • GCC
      • Qatar
    • MENA
      • Syria
    • Asia
      • Afghanistan
      • Bangladesh
      • India
      • Iran
      • Israel
      • Pakistan
      • Sri Lanka
    • Africa
    • Europe
  • REAL ESTATE
  • Opinion
    • EDITOR’S CHOICE
    • The Big Read
    • Viewpoint
    • EXCLUSIVE
  • World
  • CPEC
  • Expo 2020
  • Business
    • Local Business
    • Forex
    • Markets
  • TECH
    • Science
    • HEALTH
  • Horoscope
  • PR
  • Sports
No Result
View All Result
Dubai News
  • Top News
  • UAE
  • Dubai
  • World
  • Business
  • GOLD/FOREX
  • REGION
  • REAL ESTATE
  • FEATURED
  • EDITOR’S CHOICE
  • ENVIRONMENT
  • Meet The CEO
  • Road To Financial Freedom
  • Meet The Leader
  • Health
  • Sports
Home News

UN warns of social unrest after ‘striking’ drop in global wages

by News Desk
10 months ago
in News, Top News, UAE
179
2.6k
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp
">
ADVERTISEMENT

International Labour Organization says real wages declined 0.9 percent in the first half of 2022.

Global wages fell in 2022 for the first time since the global financial crisis due to soaring living costs, threatening to worsen inequality and drive social unrest, the United Nations labour agency has warned.

Monthly wages dropped 0.9 percent in real terms in the first half of 2022 – the first negative wage growth since 2008, the International Labour Organization (ILO) said in its latest global wage report released on Wednesday.

Lower-income groups have been hit especially hard after suffering significant wage losses during the COVID-19 pandemic, according to the ILO’s Global Wage Report 2022–23.

Despite rises to keep up with inflation, the minimum wage fell in real terms from 2020-2022 in Bulgaria, Spain, Sri Lanka, South Korea, the United Kingdom and the United States, the ILO said.

Meanwhile, overall wages were lower in real terms in 2022 than in 2008 in Italy, Japan, Mexico and the UK.

The slump in wages comes despite rising productivity, with 2022 showing the biggest gap between real labour productivity growth and real wage growth in high-income countries since 1999, according to the report.

ILO

ILO Director-General Gilbert F Houngbo said the deterioration in real wages would likely continue without targeted policy responses by governments.

“This would increase the probability of a deeper recession, a risk that is already worsening due to the restrictive monetary policies adopted by central banks in their efforts to bring down inflation,” Houngbo said.

“This in turn would endanger the economic and employment recovery, further increasing inequalities and fuelling social unrest. In this time of growing social and economic uncertainties and insecurity, it is vital to rebuild and strengthen people’s sense of social justice and social cohesion.”

ILO

The war in Ukraine and pandemic-related supply chain bottlenecks have pushed up food and energy costs, sending inflation in many countries to its highest level in 40 years.

Global inflation is expected to hit 8.8 percent by the end of 2022, according to the International Monetary Fund, before declining to 6.5 per cent in 2023 and 4.1 per cent in 2024.

By region, Eastern Europe and North America saw the sharpest declines in purchasing power, with real wages falling 3.3 percent and 3.2 percent, respectively, in the first half of 2022.

The European Union saw real wages fall 2.4 percent, while Latin America and the Caribbean recorded a 1.7 percent decline. Africa saw real wages shrink by 0.5 percent.

Asia and the Pacific, Central and Western Asia, and the Arab states saw wage growth rise by between 1.2 and 2.5 percent.

Several regions recorded real wage growth on paper during the height of the pandemic in 2020 and 2021, although the rise was largely driven by job losses among lower-income workers.

ilo

The ILO made a number of policy recommendations to tackle falling wages, including pay increases to match rising productivity, more generous adjustments to the minimum wage and greater international cooperation on global challenges such as climate change, essential healthcare and discrimination against women and girls.

“Shaping coherent policy responses within the multilateral system is indispensable to making progress toward more inclusive, resilient and equitable societies,” Houngbo said.

“In a globalised economy, appropriate and timely wage policies that leave no one behind are an intrinsic part of such policy responses.”

Read More

Share21Tweet13Send
">
ADVERTISEMENT

Related Posts

Sikh Canadian citizen
India

India had been riding a geopolitical high. But it comes to the UN with a mess on its hands

September 25, 2023
Al Rostamani Group
Dubai

Meaningful strategies to amplify Emirati representation in private sector: Al Rostmani Group

September 21, 2023
Ukraine strikes Russian ships
International

Ukraine strikes Russian ships, state-of-the-art aerial defences in Crimea

September 21, 2023
">
  • UAE e-commerce business

    UAE e-commerce business set to gain momentum in the post-Covid era

    142 shares
    Share 426 Tweet 266
  • UAE visa and business reforms open new opportunities for entrepreneurs, investors

    32 shares
    Share 143 Tweet 90
  • Dubai property market continues its upward trajectory in H1 2022

    25 shares
    Share 62 Tweet 39
  • Pandemic-proofing our investments: Why we relocated Hilshaw Group to Dubai during Covid

    36 shares
    Share 55 Tweet 34
  • UAE remains top choice of investors as FDI inflows to hit $22 billion this year

    29 shares
    Share 44 Tweet 28
  • ‘Start-up guide for Funding’ to resolve financial woes of founders and entrepreneurs

    24 shares
    Share 39 Tweet 25
  • UAE reiterates commitment to advancing sustainable tourism growth

    87 shares
    Share 35 Tweet 22
  • Forex and Gold Rates in UAE

    615 shares
    Share 658 Tweet 115
  • UAE, Turkiye to bolster economic ties and partnerships

    82 shares
    Share 33 Tweet 21
  • Minister of Economy discusses tourism cooperation with Indian, British, Indonesian and Japanese ministers

    75 shares
    Share 30 Tweet 19
United Arab Emirates Dirham Exchange Rate
">
ADVERTISEMENT

About Us

DubaiNews.Tv is a fast-growing Dubai-based digital platform that covers news, happenings and current affairs with a central focus on Dubai, UAE, Gulf, Middle East. It also features regional and international news activities in addition to exclusive reports, interviews and special videos.

info@dubainews.tv

dubainews.tv@gmail.com

Follow Us

Browse by Category

  • Abu Dhabi
  • Afghanistan
  • Africa
  • Ajman
  • Artificial Intelligence
  • Arts and Culture
  • Asia
  • Bahrain
  • Bangladesh
  • Business
  • Business and Economy
  • Censorship
  • Conflict
  • Courts
  • CPEC
  • Cricket
  • Crime
  • Donald Trump
  • Drugs
  • Dubai
  • EDITOR'S CHOICE
  • Education
  • Entertainment
  • ENVIRONMENT
  • Europe
  • EXCLUSIVE
  • Expo 2020
  • Fashion
  • FEATURED
  • Featured Stories
  • Football
  • Forex
  • Fujairah
  • GCC
  • Genocide
  • Global Business
  • Gun Violence
  • Health
  • Healthcare
  • heath
  • Horoscope
  • Human Rights
  • Humanitarian Crises
  • India
  • Infographic
  • International
  • Iran
  • Israel
  • Israel-Palestine conflict
  • Joe Biden
  • LGBTQ
  • Lifestyle
  • Local Business
  • Markets
  • Meet The CEO
  • Meet The Leader
  • MENA
  • Middle East
  • Migration
  • Military
  • Military & Defense
  • Narendra Modi
  • NATO
  • News
  • North America
  • Olympics
  • Opinion
  • Pakistan
  • Personal Finance
  • Philippine
  • Philippines
  • Politics
  • PR
  • Qatar
  • Race Issues
  • Ras Al Khaimah
  • REAL ESTATE
  • REGION
  • Retail
  • Road To Financial Freedom
  • Russia
  • Russia-Ukraine war
  • Saudi Arabia
  • Science
  • Sharjah
  • Show Types
  • Social Media
  • South Asia
  • Space
  • Sports
  • Spotlight
  • Sri Lanka
  • Startup
  • Syria
  • Taliban
  • Tech
  • Technology
  • The Big Read
  • Top News
  • Tourism
  • transport
  • Travel
  • turkey
  • TV Shows
  • UAE
  • UK
  • Umm Al Quwain
  • Uncategorized
  • United Nations
  • Video Posts
  • Viewpoint
  • Wildlife
  • World

Recent News

Sikh Canadian citizen

India had been riding a geopolitical high. But it comes to the UN with a mess on its hands

September 25, 2023
Al Rostamani Group

Meaningful strategies to amplify Emirati representation in private sector: Al Rostmani Group

September 21, 2023
Ukraine strikes Russian ships

Ukraine strikes Russian ships, state-of-the-art aerial defences in Crimea

September 21, 2023
Iran’s President Ebrahim Raisi

Iran’s president says US should ease sanctions to demonstrate it wants to return to nuclear deal

September 21, 2023
Hardeep Singh Nijjar

Canada gets muted allied support after alleging India may have been involved in killing of Canadian

September 21, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 DNTV - Powered By Ham Digital Media.

No Result
View All Result
  • Top News
  • UAE
  • Dubai
  • World
  • Business
  • GOLD/FOREX
  • REGION
    • South Asia
      • Pakistan
      • India
    • GCC
    • Middle East
  • REAL ESTATE
  • FEATURED
    • Featured Stories
  • EDITOR’S CHOICE
    • The Big Read
    • Viewpoint
  • ENVIRONMENT
  • Meet The CEO
  • Road To Financial Freedom
  • Meet The Leader
  • Health
  • Sports

© 2023 DNTV - Powered By Ham Digital Media.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.