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Real wages in Greece fell by 3.5% in 2017 compared to the previous year, an unprecedented decline since 2013 and the largest in Europe for 2017, according to ILO data.
At the same time, during the period 2008-2017, real wages in Greece decreased by an average of 3.1% per year and 3.5% per year on average over the period 2000-2017. But at the international level, the situation is not rosy: real wages in Europe stagnated in 2017 and rose by only 1.8% worldwide, the lowest rate recorded since 2008.
The figures in the ILO report, published by KATHIMERINI, show how difficult it has been for Greek employees in the last decade.
This decline is due not only to direct wage cuts, but also to the transition of many workers to part-time and rotating schemes. The average annual rate of change in wages in Greece is almost five times lower than in Italy (-0.6%), where employees have also lost a decade.
Similarly, the situation is also bad for British workers as their real wages fell by 0.5% on average over the year. The situation for Greece is further aggravated by the whole period 2000-2017, as real wages have declined at an average rate of 3.5% per year. A comparison of wage developments in Greece with so-called "memoranda" reveals the extent of the problem in Greece. In Spain, average real wages decreased by 0.3% per year over the period 2008-2017. In Cyprus, it increased by only 0.2%. year, but at least there has been an increase. An anemic increase of 0.3% is also recorded in Ireland and 0.4% in Portugal.
Globally, the International Labor Office notes a worrying slowdown in the wage growth rate in 2017, which increased by 1.8% compared to 2.4%, which had increased in 2017. Indeed, if the impact of China, the large population and the rapid pace of growth have a significant impact on the world average; the real payroll was therefore reduced to 1.1% in 2017. In Europe (excluding Eastern Europe), real wages in 2017 remained stagnant (almost zero growth) in 2017, increasing by 1.3% in 2016 and 1.6% in 2015. The negative trend is attributed to the ILO. (0.9%) and France (0.1%) and wage moderation in Italy (-1.2%) and Spain (-1.8%).
In the G20 economies, real wages increased only 0.4% in 2017, or 0.9% in 2016 and 1.7% in 2017. In the United States, the pace of change real wages increased by 2.2% in 2015, then decelerated sharply to 0.7% in 2016 and 2017. For the G20 as a whole, real wages were 2.1% in 2017, up from 2.7% in 2016. Given the recovery in GDP and the gradual decline in unemployment in several countries in previous years, the low rate of growth in Developed economies in 2017 remain a mystery, according to the ILO. Economists explain the potential causes of low productivity growth but also its decoupling, to a certain extent, of wages, increased competition, reduced bargaining power of workers, and the lack of productivity. The inability of statistical agencies to seize unemployment to its full extent.
Ghost
This year's ILO report also highlights the magnitude of the problem of unequal pay between men and women. Using new methods and covering 70 countries where about 80% of the world's employees are accumulating, ILO economists conclude that the gender pay gap is 20% worldwide. In rich countries, the pay gap between men and women is higher among high earners, while in low and middle income countries, the gap is larger among the lowest paid workers. In Greece, the wage gap (average hourly wage) for men and women is 12.5% at the expense of women, 12.6% in Cyprus, 21.5% in Germany and 23.8% in Estonia. % and in Slovenia to 4.5%.
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