Minimum wages and collective bargaining: Towards policy coherence
"The ILO’s first Global Wage Report predicts that difficult times lie ahead for workers. Slow or negative economic growth, combined with highly volatile prices, will erode the real wages of many workers, particularly the low-wage and poorer households. In many countries, the middle classes will also be seriously affected. Tensions are likely to intensify over wages, and the workplace may become more vulnerable to wage-related disputes. Based on International Monetary Fund (IMF) estimates and forecasts of global economic growth released in October 2008, and given the past statistical relationships between economic growth and wages, the report estimates that in 2009 wages will grow at best by 0.1 per cent in industrial countries and by 1.7 per cent globally. Revised figures released after the preparation of this report suggest that in 2009 wages will in fact decline by 0.5 per cent in industrial countries and grow by no more than 1.1 per cent globally." Source: International Labour Organization
Download full pdf report | Download pdf executive summary | Link to ILO
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