NOMINAL WAGE
Rise in UK jobless rate muddies Rishi Sunak's message to voters
In April, Britain's labour market showed signs of cooling as the unemployment rate rose to 4.4%, the highest since September 2021. Despite robust wage growth, the number of employed people fell by 207,000. Prime Minister Sunak faces challenges ahead of the July 4 election. Inactivity rates and long-term sickness are rising, prompting potential reforms. Wage growth remains strong, but the economy faces uncertainties.
Dollar finds footing as traders turn to US services data
The dollar steadied as traders awaited an interest rate decision in Canada and U.S. services data. The yen received a boost after reports of potential bond buying cuts by the Bank of Japan, leading to a rise in the Swiss franc. Japanese real wages fell for the 25th straight month due to inflation outpacing pay rises.
Compensation gap between private & public sector widens in FY23
Total compensation of employees working with private corporations increased to 13.5% of the GDP in FY23 from 12.8% in the previous year while households, which largely represent the informal sector, saw their wages rise to the highest level in nine years to 8.5% of the GDP in FY23 from 8.4% in FY22.
Why India needs three salary wedges to look beyond reservations to reduce injustices
Rahul Gandhi's quota cap strategy echoes Indira Gandhi's tactics on quotas from Neerja Chowdhury's book. In 1980, she guided P Shiv Shankar on handling the Mandal Commission report, emphasizing the delicate balance of quotas' impact. India in 2047 aims to move beyond reservations and adopt an abundance mentality focusing on employment and education, shifting from scarcity thinking.
Demands for Gorkhaland and a three-cornered fight in unpredicatable Darjeeling Lok Sabha seat
Considered a stronghold of the BJP, Raju Bista, originally from Manipur, is the BJP candidate contesting for a second time. This time, there is a three-cornered fight –– Trinamool candidate Gopal Lama, a former bureaucrat and son of the soil is pitted against Congress’s Munish Tamang and BJP's Bista.
Japan real wages fall for 23rd straight month in February
Japanese workers faced a 23rd month of falling real wages in February due to higher prices. This crucial data, monitored by the Bank of Japan, reflects consumer purchasing power and was reported by the labour ministry.
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Nikki Haley: UN ambassador, governor but not president
Nikki Haley, the former governor of South Carolina, is expected to suspend her presidential campaign after a series of losses in the US primary season, including defeats to Trump in almost all 15 state contests on "Super Tuesday." Haley, who was little known outside her native South Carolina, used her high-profile UN post to cultivate an image as a plain-speaking conservative. Speculation about Haley's presidential ambitions had been building since she left Trump's cabinet in 2018.
Rural distress? Where?
The narrative of deepening rural distress is flawed and relies on misconstrued data about wage growth. Comparisons between different time periods fail to consider the context and statistical nuances. Nominal wage growth during the last two decades has been significant, with average wages more than doubling in the current regime. However, interpreting this data as a sign of rural prosperity overlooks important factors.
Japan's December real wages, household spending fall again
Japan's wage trend, along with inflation, is closely watched, with the Bank of Japan regarding both indicators among the key data to consider in preparation for phasing out its massive stimulus policy.
Pakistan ex-PM Imran Khan barred from election candidacy: party
Former Pakistan prime minister Imran Khan and his supporters have been rejected as candidates for the February 8 election, according to party officials. Khan has been in prison since August, facing trial over a series of cases he claims are orchestrated to prevent him from contesting the election as the head of his Pakistan Tehreek-e-Insaf (PTI) party.
View: India Inc wants business from bottom of the pyramid but isn’t paying it enough
Earlier this week, L&T’s CFO R Shankar Raman said the company is facing a shortage of carpenters and masons. Hospitals in India have been forced to hike the salaries of nurses due to the high attrition rate. Many are migrating for better pay and working conditions. Thanks to the acute shortage of nurses, the entry-level monthly pay for nurses has increased from `15,000 to `20,000-22,000.
Below-expectation inflation may boost growth by hiking real wages: Ind-Ra
The economists said a percentage point increase in real wages leads to a rise in GDP by 0.64 percentage point. So, if inflation were to fall from 5.3% (current projection for Ind-Ra) to 4.5% in FY24, it could lead to real wage rising to 4.4% from 3.6% and GDP growth settling at 6.4% compared to projected 5.9%.
Fed seen sticking with rate pause as wages show some cooling
Despite 339,000 jobs being added in May, a drop in wage growth and a higher unemployment rate are likely to keep the Federal Reserve on hold this month whilst it considers a rate hike later this summer. With the federal-funds rate in the 5% to 5.25% range following a quarter-point increase in early May, policymakers are expected to skip a rate hike this month, but continue to monitor data. US Treasuries rose by 10 basis points to 4.46% following the jobs report release; the odds of a June rate hike rose to 31%, up from 24% on the previous day.
Public and private sector FY22 wage bill gap widens
As a percentage of nominal gross domestic product, the wage bill of the private sector was 12.7% in the year ended March 21, 2022, compared with 11.8% for the public sector, the analysis by ET has found.
View: Why it's high time for India to adopt 'living wage'
'Living wage' has been defined by Richard and Martha Anker as the remuneration received 'for a standard work week by a worker in a particular place sufficient to afford a decent standard of living of the worker and her or his family'. Elements of a 'decent standard of living' include food, water, housing, education, healthcare, transport, clothing, etc, including provision for 'unexpected events'.
Dollar eases as inflation in focus, BOJ governor nomination awaited
The yen dropped sharply last year to a 32-year low of 151.94 per dollar as U.S. rates rose and Japanese rates stayed near zero, but it has since recouped those losses as the Fed looks to pause its tightening while speculation increase that the BOJ will move away from its ultra-loose policy.
Global monthly wages contract to 0.9% in first half of 2022 owing to rising inflation
Among advanced G20 countries, real wages in the first half of 2022 are estimated to have declined to -2.2%, whereas real wages in emerging G20 countries grew by 0.8%, which is 2.6% less than the pre pandemic year of 2019, it said. “The multiple global crises we are facing have led to a decline in real wages. It has placed tens of millions of workers in a dire situation as they face increasing uncertainties,” Gilbert F. Houngbo, director-General, ILO said.
Wage growth squeeze emerging as bigger worry in India: India Ratings
According to the report, households accounting for 44-45 per cent of the GVA have witnessed a decline in nominal wage growth to 5.7 per cent during FY17-FY21 from a high of 8.2 per cent during FY12-16, implying that wage growth in real terms is close to just about 1 per cent.
Public sector contributes 20% to national income, accounts for 40% of total wages: Report
The average share of the public sector in gross value addition for the ten years ending FY21 is 19.2 per cent but the share in wages is 39.2 per cent, India Ratings and Research said in an analysis based on gross value added (GVA) data released by the National Statistical Office.
U.S. Rep. Dwight Evans wins Democratic Primary 3rd District Representative Race
US Rep. Dwight Evans easily won the congressional race for the Democratic nomination for Philadelphia's 3rd congressional district. He led by 78% of the vote over his nearest contender Alexandra Hunt.
Rural India, a cause no one worries about: fall in real wages, unemployment, food price rise hit hard
FMCG and auto companies sensed the heat first. The slow burn of tapering demand from rural India. Now others are flagging something that few are prepared to talk about: rural India is suffering from declining real wages, spiraling inflation, high unemployment, and consequent rising inequality. We use data to flag the weakness in the rural economy, experts weigh in.
Hold equities for 3-5 years to get around nominal GDP compounding returns: Prashant Jain
“A silent transition has taken place in India and equities which were a peripheral or seasonal trading asset class two decades back, today have become more core, more long term, more centre of the plate kind of an asset class – be it through direct investments or through mutual funds or insurance companies.”
Government forms expert group to provide recommendations on fixation of minimum wages
The expert group will be chaired by professor Ajit Mishra, director, Institute of Economic Growth and will have five members including DPS Negi of the labour ministry as member secretary of the group.
Labour ministry notifies draft rules under Occupational Safety, Health and Working Conditions Code
The ministry has invited suggestions on the draft Rules in the next 45 days following which the above Rules will be finalised. This would enable the government to put in place the required technical committee for smooth implementation of the OSH&WC Code.
How to restructure your salary to make it tax friendly under the new Wage Code
The new Wage Code has spurred companies to restructure the pay packages of employees. Find out how to optimise your salary.
Central Advisory Board to kick-start work on national floor level minimum wage
The Code on Wages prescribes for a statutory floor level minimum wage for the country. The intent is to roll out the four labour codes from April 1 this year and hence the need for determining the minimum floor wage at the earliest
Biden faces questions about commitment to minimum wage hike
The coronavirus has renewed focus on challenges facing hourly employees who have continued working in grocery stores, gas stations and other in-person locations even as much of the workforce has shifted to virtual environments.
Govt to set up advisory board to determine national minimum wage
“In exercise of the powers conferred under the Code on Wages, 2019, the Central Government hereby appoints the date of publication of this notification as the date on which the following provisions of the said Code shall come into force,” labour ministry said in a gazette notification
Nominal GDP needs to grow above 10% for wage growth
At present, India’s nominal GDP growth stands at 7.5 per cent against 11.20 per cent a year ago.
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