The 2022-23 edition also includes evidence on how wages have evolved through the COVID-19 crisis as well as how the current inflationary context is biting into real wage growth in most regions in the world. The report shows that for the first time in the twenty-first century real wage growth has fallen to negative values while, at the same time, the gap between real productivity growth and real wage growth continues to widen.
The report analysis the evolution of the real total wage bill from 2019 to 2022 to show how its different components – employment, nominal wages and inflation – have changed during the COVID-19 crisis and, more recently, during the cost-of-living crisis. The decomposition of the total wage bill, and its evolution, is shown for all wage employees and distinguishes between women and men.
The report also looks at changes in wage inequality and the gender pay gap to reveal how COVID-19 may have contributed to increasing income inequality in different regions of the world. Together, the empirical evidence in the report becomes the backbone of a policy discussion that could play a key role in a human-centred recovery from the different ongoing crises.