REDUCTION IN SALARIES
- Posted by: Admin
- Category: Economic Digest
Due to the coronavirus pandemic, salaries in two-thirds of the countries in the world have declined or grew more slowly than before. This is stated in the report of the International Labor Organization (ILO).
The crisis has particularly affected the earnings of women and low-paid workers. Rising inequality threatens to lead to global poverty, the report said. In countries where effective measures were taken to maintain employment, the crisis was expressed in falling wages, not in massive reduction of jobs.
Without subsidies, average earnings would have decreased by almost 6.5 percent. However, aid from the state compensated for 40 percent of this amount, experts say.
In June of this year, Russia reported on the victory over extreme poverty. According to the Sustainable Development Goals, by 2024 the poverty level should be reduced by at least two times.
Photo: Marcos Brindicci / Reuters