International
COVID-19 Has Dragged Down Wages Globally – ILO Report
As well as rendering global economic activity vulnerable, the Coronavirus pandemic has also dragged down wages, the International Labour Organisation (ILO) disclosed on Wednesday in a report.
The ILO found “the crisis is likely to inflict massive downward pressure on wages in the near future” in a report issued weeks after it estimated the pandemic had slashed trillions off global earnings.
AFP reports that the report on global wage trends unveiled by ILO Director-General Guy Ryder and economist Rosalia Vazquez-Alvarez indicated that “the wages of women and low-paid workers have been disproportionately affected by the crisis.”
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The ILO also found that January to June monthly wages fell or grew more slowly owing to the pandemic in two-thirds of countries for which official data was available, with women disproportionately hit.
Although average wages in one-third of countries studied “appeared to increase, this was largely as a result of substantial numbers of lower-paid workers losing their jobs and therefore skewing the average,” said the ILO, amid a greater trend towards a decline in wages than job losses.
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