No be small thing o! Global real wages don grow well well for 2024, as inflation don ease like wetin dem dey call soft landing. Na the International Labour Organisation (ILO) come drop this hot report wey talk say real wages for last year rise by 2.7 percent. Now, make we remember say for 2022, we sabi say inflation hit everywhere like wahala for town, and e carry real wage growth go down to -0.9 percent, we no wan see dat kind level again!
As things begin dey come back, for 2023 dem talk say real wages increase by 1.8 percent because price pressure don start to cool, wey allow people pockets start to chop small by small again. But e no be all areas wey dey enjoy this beautiful growth, because some regions and income groups still dey struggle like say dem dey run race with heavy load.
Na wetin happen? The report come talk say if we clear China for the matter (as their wage growth dey shine for the average), global real wage growth for 2024 na about 2.3 percent. Dem G20 economy wey dey advanced no dey too fine, as dem dey chook eye for two years of negative growth before dem finally come see small growth of 0.9 percent for 2024. But if you check G20 emerging economies, dem dey trend differently and dey enjoy real wage growth since 2022, with increase of 1.8 percent that year, 6.0 percent for 2023, and now 5.9 percent for 2024. You see wetin be good management?
Region by region, wage trend na different ball game. Asia and Pacific, Central and Western Asia, and Eastern Europe dey shine bright with better wage growth, thanks to better economic expansion and low inflation. But Africa and Arab States just dey manage as dem dey struggle with flat real wages for 2024. Inflation still dey vex dem side, and e dey affect their market like bad belle.
Even though wages don bounce back, ILO come drop bombshell on top wage inequality wey dey high like mountain. The report show say di lowest-paid 10 percent workers dey receive only about 0.5 percent of total wage bill, while di top 10 percent dey carry waka with about 38 percent. This na serious wahala wey dem need put mouth to fix. Since the 21st century begin, two-thirds of countries don see some improvement for wage inequality, but for di poorest countries, e don remain tough.
Minimum wage policies dey try, but dem dey insufficient—no be all minimum wages don follow inflation as well. About 160 countries show say 45 percent still dey lag behind inflation, and this no dey sweet low-paid workers at all. Even where minimum wages don increase, na just small gain wey no fit cover the big losses wey dem don suffer before.
As we dey look forward, ILO wan make sure say wage growth go last, plus make e dey reduce inequality. Dem talk say we need strong wage-setting institutions, better minimum wages and collective bargaining. E be like say dem go need tackle informality, gender pay gaps and low productivity. If dem no address these wahalas, the gains wey dem don achieve fit begin dey fade away thanks to ongoing geopolitical tensions and climate wahala. Na serious matter we dey talk so!
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