International Labour Organisation shares a positive global trend: Let’s find out

The UN International Labour Organisation (ILO) highlighted on Thursday that pay packets across the globe increased 1.8% in 2023 and continued their positive trajectory in the first half of 2024, rising by 2.7%.

The positive trend comes on the back of a strong post-COVID global recovery. ILO Director General Gilbert Houngbo said that if this development is confirmed, it is going to be the largest increase in more than 15 years.

Wage inequality is narrowing—but the fight is far from over.

A new @ilo report shows wage inequality has declined in two-thirds of countries worldwide since 2000.

Despite progress, significant wage gaps persist globally.

📢 Just launched ⬇️

— International Labour Organization (@ilo) November 28, 2024

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Rising productivity in the limelight

The major problem here is that the trend for bigger pay packets is not shared equally across regions. The change is less marked in highly-industrialized economies. Emerging economies, on the other hand, noted a bumper near 6% increase in 2023.

The UN agency also pointed out that productivity increased more rapidly than pay packets in high-income countries from 1999 to 2024. This discrepancy originated mainly during the financial crisis of 2008 to 2009 and latterly as a result of the COVID pandemic.