Reference to names of firms and commercial products and processes does not

Reference to names of firms and commercial products

This preview shows page 5 - 7 out of 150 pages.

Reference to names of firms and commercial products and processes does not imply their endorsement by the International Labour O ffi ce, and any failure to mention a particular firm, commercial product or process is not a sign of disapproval. ILO publications and digital products can be obtained through major booksellers and digital distribution platforms, or ordered dir- ectly from [email protected] For more information, visit our website: or contact [email protected] This publication was produced by the Document and Publications Production, Printing and Distribution Branch (PRODOC) of the ILO. Graphic and typographic design, manuscript preparation, copy editing, layout and composition, proofreading, printing, electronic publishing and distribution. PRODOC endeavours to use paper sourced from forests managed in an environmentally sustainable and socially responsible manner. Code: DTP-WEI-CORR-ATA
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Preface The United Nations 2030 Agenda for Sustainable Development identified decent work for all women and men, and lower inequality, as among the key objectives of a new universal policy agenda. The issues of wage growth and wage inequality are central to this agenda. Sustainable Development Goal (SDG) 8 calls for “sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”, and highlights the importance of achieving equal pay for work of equal value. SDG   10 seeks to “reduce inequality within and among coun- tries”, emphasizing income growth of the bottom 40   per cent of the population, the elimination of discrimination and the adoption of fiscal, wage and social protec- tion policies to progressively achieve greater equality. The labour income share of GDP, which reflects the relationship between the growth in average wages and in labour productivity, has been identified as a crucial indicator in this area. Concern about inequality has also been expressed by the G20, which identified widening inequality as posing challenges for social and political cohesion and having sig- nificant costs for economic growth. 1 This new ILO Global Wage Report     the fifth in a series that now spans over a decade     contributes to this agenda by making comparative data and information on recent wage trends available to governments, social partners, academics and the general public. These trends show that global real wage growth dropped sharply during the post-2008 economic crisis, recovered in 2010, but has since decelerated. If China, where wage growth was faster than elsewhere, is not included, wage growth fell below 1   per cent in 2015. As I emphasized at the World Bank and IMF annual meetings in October 2016, rekindling growth requires an increase in consumer spending and in turn sustainable wage and social protection policies.
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