Asia pacific surpasses rest in wage growth: ILO report
According to an International Labour Organisation (ILO) report the wage growth in the Asia Pacific region has significantly outperformed the rest of the world as developing countries continue to expand at a rapid rate.
Key facts of the report
- The average annual incomes in Asia rose 6%, compared to global average growth of 2% in 2013.
- China was a major contributor to the significant wage growth in average annual incomes in Asia with a rise of 9%. This has resulted to a salary increase in East Asia to 7.1% compared to 5.3% in Southeast Asia and 2.4% in South Asia.
- Top 3 in average salary scale is $3,694 per month in Singapore, $3,320 in Japan and $613 in China.
- At the bottom end of the scale, were workers who receive on an average of $73 in Nepal, $119 in Pakistan, and $121 in Cambodia.
- Wage growth has slowed to almost zero for the developed economies as a group in the last two years.
- Slow wage growth of developed economies is leading to sluggish household demand in most of these economies and the increasing risk of deflation in the Eurozone.
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Month: Current Affairs - December, 2014