(3 Minutes Read)
Low-income countries experienced the sharpest reductions — between 3.2 and 9.6 per cent annually. But they are also the nations where wage inequality is the highest, with close to 22% of salaried workers classified as low-paid.
Wage inequality has declined in two-thirds of countries since the start of the 21st century, according to the International Labour Organization’s (ILO) latest report published on Thursday. The report showed that wage inequality has decreased globally at an annual rate of 0.5 to 1.7% since 2000.
Low-income countries experienced the sharpest reductions — between 3.2 and 9.6 per cent annually. But they are also the nations where wage inequality is the highest, with close to 22% of salaried workers classified as low-paid.
ILO also said that this negatively impacts families who continue to suffer from the cost-of-living crisis that has eroded their living standards.
Globally, the lowest-paid 10% of workers earn only 0.5% of the world’s salary bill, while the top 10 %command nearly 38%. In addition, he said wage disparities between and within countries remain unacceptably high, as does inequality, particularly when it comes to salaries paid to women.
Read Also:
https://trendsnafrica.com/ilo-warns-against-impact-of-excessive-heat-on-labor-force/
The ILO said it recommends that states strengthen wage-setting mechanisms through collective bargaining and minimum wage systems, promote equality, and address gender and sectoral pay gaps. They should also formalize the informal economy to boost income security and utilize reliable data to guide informed policy decisions.
