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Global Wage Report 2022-23: The impact of inflation and COVID-19 on wages and purchasing power

This ILO flagship report examines the evolution of real wages, giving a unique picture of wage trends globally and by region.

The 2022-23 edition also includes evidence on how wages have evolved through the COVID-19 crisis as well as how the current inflationary context is biting into real wage growth in most regions in the world. The report shows that for the first time in the twenty-first century real wage growth has fallen to negative values while, at the same time, the gap between real productivity growth and real wage growth continues to widen.

How to ensure adequate minimum wages in an age of inflation

Minimum wages have risen significantly in 2022, as the EU Member States leave behind the cautious mood of the pandemic. However, rising inflation is eating up these wage increases, and only flexibility in the regular minimum wage setting processes may avoid generalised losses in purchasing power among minimum wage earners.

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