Context:
Global Wage Report 2024 released.
Global Wage Report:
- Provides detailed look at wage trends across the globe highlighting changes in wage inequality and real wage growth.
- Released by – International Labour organization (ILO)
Key Highlights:
- Global Wage Growth: After a period of sustained price increases that pushed real wage growth into negative territory, average nominal wages at the global level returned to growing faster than inflation.
- Global Real Wage Growth: After falling to -0.9% in 2022, global real wage growth recovered in 2023, marking an increase of 1.8%.
- G20 Economies: A significant difference in real wage growth persists between advanced and emerging G20 economies.
- Advanced G20 economies registered a decline in real wages for two consecutive years, while real wage growth remained positive in emerging G20 economies.
- Regional Wage Growth
- Asia and the Pacific, Central and Western Asia, and Eastern Europe regions saw faster increases in average wages compared to the rest of the world.
- Africa, Northern America, and Europe regions experienced stagnant or negative real wage growth in 2023.
- Decline in Wage Inequality: Wage inequality has declined in two-thirds of countries worldwide since the start of the 21st century.
- However, it is highest in low-income countries and lowest in high-income countries.
- Women are overrepresented at the low end of the wage distribution.
- Informal employment has increased in absolute terms due to insufficient formal job creation
- Labour Productivity (1999-2024) has increased more rapidly in high-income countries than real wages.
Source: UN News
Previous Year Question
As per the Industrial Employment (Standing Orders) Central (Amendment) Rules, 2018:
1. If rules for fixed-term employment are implemented, it becomes easier for the firms/companies to lay off workers
2. No notice of termination of employment shall be necessary in the case of temporary workman
Which of the following statements given above is/are correct?
[UPSC Civil Service Exam – 2019 Prelims]
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (c)