Question: According to the Global Wage Report released by International Labour Organisation (ILO), at what level India led the average real wage growth during 2008?
- On 26th November 2018; the ILO released its two-yearly Global Wage Report, which stated that in South Asia, India led the average real wage growth in 2008–17 at 5.5 against 3.7 (a regional median).
- According to the Global Wage Report, India was followed by Nepal (4.7), Sri Lanka (4), Bangladesh (3.4), Pakistan (1.8) and Iran (0.4). Global Wage grew by 1.8 per cent in 2017, down from 2.4 per cent in 2016 and the slowest rate since the global financial crisis in 2008.
- ILO director-general Guy Ryder in his report mentioned slow wage growth has become an obstacle to achieving sustainable economic growth. The Report has highlighted that in the past 20 years, average real wages have almost tripled in emerging and developing G20 countries, but they have risen by only 9 per cent in advanced G20 countries.
- 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.