India's wage differential worrisome: ILO report
India witnessed a mere one per cent hike in wages against a five per cent growth in productivity during the last two decades to employees, according to a recent study by International Labour Organisation (ILO).
By PTI |
NEW DELHI: India witnessed a mere one per cent hike in wages against a five per cent growth in productivity during the last two decades to employees, according to a recent study by International Labour Organisation (ILO).
The country ranked ninth in the list of countries offering highest disparity in wage and productivity growth between 1990 to 2007. Altogether 32 countries were surveyed by the ILO.
China had offered among the best wages to its workers with its productivity to wage growth ratio standing at 9:10. While Brazil was the worst, with its productivity to wage growth ratio standing at a dismal 3.5: -3.5.
The report, titled `World of Work Report 2008: Income inequalities in the age of financial globalisation' produced by the ILO's International Institute for Labour Studies, concluded that the gap between richer and poorer households widened since the 1990s, despite rapid globalisation and boom in economic.
"A major share of the cost of the financial and economic crisis will be borne by hundreds of millions of people who haven't shared in the benefits of recent growth," said Raymond Torres, Director of the Institute responsible for the report.
India figured third in the list of countries with the highest wage dispersion while the lowest wage dispersion were noted in Belgium and the Nordic countries.
The study attributed the inequality in India owing to high food prices which have risen by nine per cent, compared with 6.3 per cent for non-food prices.
The country ranked ninth in the list of countries offering highest disparity in wage and productivity growth between 1990 to 2007. Altogether 32 countries were surveyed by the ILO.
China had offered among the best wages to its workers with its productivity to wage growth ratio standing at 9:10. While Brazil was the worst, with its productivity to wage growth ratio standing at a dismal 3.5: -3.5.
The report, titled `World of Work Report 2008: Income inequalities in the age of financial globalisation' produced by the ILO's International Institute for Labour Studies, concluded that the gap between richer and poorer households widened since the 1990s, despite rapid globalisation and boom in economic.
"A major share of the cost of the financial and economic crisis will be borne by hundreds of millions of people who haven't shared in the benefits of recent growth," said Raymond Torres, Director of the Institute responsible for the report.
India figured third in the list of countries with the highest wage dispersion while the lowest wage dispersion were noted in Belgium and the Nordic countries.
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The study attributed the inequality in India owing to high food prices which have risen by nine per cent, compared with 6.3 per cent for non-food prices.
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