Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
3-min read

India Records Highest Average Real Wage Growth in South Asia During 2008-17: Report

In South Asia, India led the average real wage growth in 2008-17 at 5.5 against a regional median of 3.7. Following India was Nepal (4.7), Sri Lanka (4), Bangladesh (3.4), Pakistan (1.8) and Iran (0.4).

PTI

Updated:November 27, 2018, 1:13 PM IST
facebookTwitterskypewhatsapp
India Records Highest Average Real Wage Growth in South Asia During 2008-17: Report
Image for representation. (Reuters)
Loading...

United Nations: India recorded the highest average real wage growth in South Asia during 2008-17, according to a report by the International Labour Organisation (ILO).

Reflecting more rapid economic growth than in other regions, workers in Asia and the Pacific have enjoyed the highest real wage growth among all regions over the period 200617, with countries such as China, India, Thailand and Vietnam leading the way, the Global Wage Report 2018/19 said.

In South Asia, India led the average real wage growth in 2008-17 at 5.5 against a regional median of 3.7. Following India was Nepal (4.7), Sri Lanka (4), Bangladesh (3.4), Pakistan (1.8) and Iran (0.4).

The report said that all emerging G20 countries except Mexico experienced significant positive growth in average real wages between 2008 and 2017. "Wage growth continues in Saudi Arabia, India and Indonesia, whereas in Turkey it declined to around 1 per cent in 2017," it said, adding that South Africa and Brazil have experienced positive wage growth starting from 2016 after a phase of mostly zero growth during the period 201216, with negative growth in Brazil during 201516.

Russia suffered a significant drop in wage growth in 2015, again owing to the decline in oil prices, but has since then bounced back with moderate though positive wage growth. It also noted that a number of countries have recently undertaken measures to strengthen their minimum wage with a view to providing more adequate labour protection.

South Africa announced the introduction of a national minimum wage in 2018, while lawmakers in India are examining the possibility of extending the legal coverage of the current minimum wage from workers in scheduled' occupations to all wage employees in the country, it said.

The report added that wages grew higher and faster in less well-off countries last year than in richer nations, but salaries are still far too low in the developing world. Pay rose by just 0.4 per cent during last year in advanced economies, but grew at over four per cent in developing countries.

"We are seeing some degree I don't want to exaggerate it - of convergence," said ILO Director-General Guy Ryder, noting that "wages in developing countries are increasing more quickly than those in higher-income countries."

"That sounds like good news, because we all want to see convergence around the worldBut let's not exaggerate, because the gaps are still very, very big. Very often the level of wages is still not high enough for people to meet their basic needs," he added.

Overall, global wage growth declined to 1.8 per cent in 2017 from 2.4 per cent in 2016. The findings are based on data from 136 countries. In the last 20 years, average real wages have almost tripled in emerging and developing G20 countries, the ILO report also found, while in advanced G20 countries, they have increased by just nine per cent.

Faced with such low salary growth in richer economies in 2017  with pay growing at its lowest level in a decade - the ILO chief noted with concern that this has happened despite a recovery in global output.

For the first time, the ILO report also focuses on the global gender pay gap, using data from 70 countries and some 80 per cent of employees worldwide. Its findings indicate that despite some significant regional differences, men continue to be paid around 20 per cent more than women; "perhaps the biggest single injustice in the world of work", Ryder said.

In high-income countries the gender pay gap is at its biggest in top-salaried positions. In low and middle-income countries, however, the gap is widest among lower-paid workers, the ILO report found.

Its data also suggests that traditional explanations for this — such as differences in the levels of education between men and women who work — play only a "limited" role in explaining gender pay gaps. "In many countries women are more highly educated than men but earn lower wages, even when they work in the same occupational categories," said ILO expert Rosalia Vazquez-Alvarez.

"The wages of both men and women also tend to be lower in enterprises and occupations with a predominantly female workforce."

To reduce gender pay gaps, she recommended that more emphasis should be placed on ensuring equal pay for women and men, and on addressing the lower value placed on women's work.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Maruti Suzuki 6,190.95 3.48
Indiabulls Hsg 521.40 -2.88
Yes Bank 71.20 -7.11
Reliance 1,275.95 -1.29
Mahanagar Gas 848.60 7.83
Company Price Change %Gain
Maruti Suzuki 6,198.75 3.75
United Spirits 578.10 -1.36
HDFC 2,090.80 -1.10
Indiabulls Hsg 521.45 -2.81
HDFC Bank 2,222.00 0.69
Top Gainers
Company Price Change %Gain
Maruti Suzuki 6,190.95 3.48
Tata Motors 123.85 2.52
Infosys 792.75 1.94
HCL Tech 1,084.00 1.87
Dr Reddys Labs 2,554.60 1.81
Company Price Change %Gain
Maruti Suzuki 6,198.75 3.75
Tata Motors 123.80 2.53
Infosys 792.90 1.94
HCL Tech 1,083.85 1.87
M&M 527.90 1.44
Top Losers
Company Price Change %Gain
Yes Bank 71.20 -7.11
Britannia 2,393.50 -3.43
UltraTechCement 4,033.05 -3.01
Indiabulls Hsg 521.40 -2.88
Eicher Motors 15,895.75 -2.71
Company Price Change %Gain
Yes Bank 71.25 -7.11
IndusInd Bank 1,404.75 -2.36
ITC 246.55 -2.01
Coal India 195.25 -1.91
Axis Bank 672.20 -1.87

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results