ILO / GLOBAL WAGE REPORT

30-Nov-2022 00:01:29
The severe inflationary crisis, combined with a global slowdown in economic growth - driven in part by the war in Ukraine and the global energy crisis - are causing a striking fall in real monthly wages in many countries. ILO
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STORY: ILO / GLOBAL WAGE REPORT
TRT: 1:30
SOURCE: ILO
RESTRICTIONS: UNDER STRICT EMBARGO UNTIL 15:00 GMT (16:00 CEST) ON WEDNESDAY 30 NOVEMBER 2022
LANGUAGE: ENGLISH / NATS

DATELINE: 30 NOVEMBER 2022, GEVEVA, SWITZERLAND
SHOTLIST
1. Wide shot, room at ILO headquarters where virtual press briefing takes place
2. SOUNDBITE (English) Rosalia Vazquez-Alvarez, Econometrician and Wage Specialist, Lead Author of the Report:
“The main finding is that global wage growth, considered an average monthly wage, has declined for the first time in the 21st century to reach negative numbers. So, the global estimate is -0.9 percent. If we exclude China from the estimates, where China has a significant weight, it goes down even further to -1.4 percent. If you look at advanced G20 economies, it is -2.2 percent. If we look at emerging G20 economies, it is 0.8 percent. However, the reason why in emerging economies it has not gone to negative number: first of all, is because Chinese included there. And the second thing is, because they have suffered less erosion as a result of lower inflation rates, whereas in advanced G20 economies, the erosion of wages has been significant due to the high increase in the cost of living.”
3.Wide shot, room at ILO headquarters where virtual press briefing takes place
4. SOUNDBITE (English) Rosalia Vazquez-Alvarez, econometrician and wage specialist, lead author of the report:
“What we see is that families that are at the lower end of the income distribution are suffering more from this cost-of-living crisis, but they actually suffer more the impact of the COVID pandemic. So, policies should be put in place to be able to help these families overcome the cost-of-living crisis that is bond to increase inequality across countries, within countries and between countries.”
5. Wide shot, room at ILO headquarters where virtual press briefing takes place
STORYLINE
The severe inflationary crisis, combined with a global slowdown in economic growth - driven in part by the war in Ukraine and the global energy crisis - are causing a striking fall in real monthly wages in many countries.

According to a new International Labour Organization (ILO) report, the crisis is reducing the purchasing power of the middle classes and hitting low-income households particularly hard.

The ILO Global Wage Report 2022-2023: The Impact of inflation and COVID-19 on wages and purchasing power, estimates that global monthly wages fell in real terms to minus 0.9 per cent in the first half of 2022 – the first time this century that real global wage growth has been negative.
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