Friday, December 7, 2012

Developed country wages show no growth in 2012: ILO

Of course not. Global capitalism has won out. And they are about exploiting labor by keeping wages as low as possible:

source: Yahoo/Reuters
 Average salaries in developed countries are expected to have risen by no more than inflation this year, the International Labour Organization said on Friday.

Developed country wages failed to keep up with inflation in both 2008 and 2011, but remained about 5 percent above the 2000 level in real terms, the ILO said in its Global Wage Report, published every two years.

"So far as we can tell for 2012 at this stage the trend seems to be for zero percent growth -- flatlining," ILO Director General Guy Ryder told a news conference in Geneva.

The report said governments in the euro zone and countries with big deficits should avoid squeezing labor with a "race to the bottom" in wages.

Ryder said governments should adopt policies that encourage companies to invest their cash piles and encourage banks to lend to small businesses.

Minimum wage policies, which were used until 2009 as social protection to help the most vulnerable workers, were now rising only in line with inflation or even fell in real terms, the ILO said.

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