KUALA LUMPUR (dpa) – Wages in Asia rose faster than in the rest of the world last year, the International Labour Organization (ILO) said Friday.
Wages in Asia rose by six per cent in 2013 compared to the global average growth of two per cent, the ILO’s Global Wage Report 2014/15 said.
The average wage growth in developed economies was 0.2 per cent.
“Wage growth has slowed to almost zero for the developed economies as a group in the last two years, with actual declines in wages in some,” said Sandra Polaski, the ILO’s deputy director-general for Policy. The impact of the global financial crisis in 2007 and 2008 was still being felt on the growth of wages around the world, especially in developed countries, the report said.
But “wages and incomes in many countries across Asia and the Pacific remain much lower than in developed economies,” the report said.
“Although there has been a rapid catch-up over the past decade, one third of the region’s workers remain unable to lift themselves and their families above the international poverty threshold of two dollars per day in purchasing power parity,” it added.