Wage Growth

Maharashtra Chief Minister Eknath Shinde has agreed to raise the basic salary of MSRTC staff by Rs 6,500 per month. The increase will be applied retrospectively from April 2020

The Office for National Statistics also said on Thursday it was delaying the switch to a new version of its Labour Force Survey which had been due to take place in September

The average real monthly wages of a regular wage worker dipped to Rs 10,925 in 2022 from Rs 12,100 in 2012

The Congress on Thursday attacked the Modi government after it notified revised MGNREGS wages for 2024-25, saying the daily wage rates in all states are well below the Rs 400 a day promised by the party under its 'Shramik NYAY' guarantees. The Union government has reportedly notified the revised wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). In a post on X, Congress general secretary Jairam Ramesh said MGNREGA wages are revised annually with effect from April 1. "For 2024/25, the Modi Government has just announced revised MGNREGA wages. Leaving aside the issue of whether this violates the spirit of the Model Code of Conduct in view of the forthcoming elections, the announced daily wage rates in ALL states are well below the Rs 400 a day, which is part of the 'Shramik NYAY' Guarantees of the Indian National Congress," he said. The Congress' 'Shramik NYAY' announcement guarantees a nationwide minimum wage of Rs 400 per day to put an end to wage

Overall, the share of workers having wage/salaried employment has declined to 20.9 per cent in 2022-23 from 23.8 per cent in 2018-19

State Bank of India, which saw a sharp 35 per cent fall in its December quarter net profit due to a one-time expenditure towards increased salaries and pensions, said the burden will jump to around Rs 26,000 crore by March this year. The country's largest lender on Saturday reported a steep decline of 35 per cent in its net income at Rs 9,164 crore during October-December 2023 compared to Rs 14,205 crore profit recorded in the corresponding period a year ago and Rs 14,330 crore earned in the preceding quarter. The public sector lender attributed the fall in profit to the additional provision of Rs 7,100 crore made in the reporting quarter towards salaries and pensions arising out of the 17 per cent wage hike settlement reached with employee unions in November last year. The revises wages are effective from November 2022. Explaining the impact of the wage hike settlement, chairman Dinesh Kumar Khara said, "Of the Rs 7,100 crore total provisions made in the December quarter, Rs 5,400

Decline in regular wage employment in general category led to an increase in self-employment and casual work

Along with Turkey, India is the only country that saw positive growth in real wages for the second consecutive year after the pandemic struck in 2020

The Bank of Japan kept its longstanding easy credit policy unchanged on Tuesday, saying it will watch price and wage trends before raising its negative benchmark interest rate. The BOJ policy decision was widely expected. But investors and analysts believe the central bank is tip-toeing toward a shift due to price increases that have left inflation above its 2% target. The U.S. dollar gained against the Japanese yen and stock prices surged after Tuesday's decision. The benchmark rate of negative 0.1% is meant to encourage banks to lend more and businesses and consumers to borrow more to spur the economy, the world's third-largest. The central bank also has purchased trillions of dollars worth of government bonds and other assets as part of its strategy of injecting more cash to spur growth as the Japanese population shrinks and grows older. Inflation has risen in Japan but at a much slower pace than in the U.S. and other major economies, most recently at about 3%. At the same time,

Till 12 July this year, close to 1.8 million pensioners have applied for the higher pension option, of which 5.52 lakh applications for validation of option/joint options are still pending

The rising trajectory of private corporate wage bill appears structural, having grown from around 9 per cent of GDP in FY12 to around 13 per cent in FY22

Wages in the UK are still rising at record highs, official figures showed Tuesday, as inflation remains stubbornly high. The Office for National Statistics said that wages, excluding bonus payments, rose by 7.3% in the three months to May, unchanged over the previous three-month period and matching the highest rate since records began in 2001. The agency's director of economic statistics Darren Morgan said that due to high inflation "the real value of weekly earnings are still falling, although now at its slowest rate since the end of 2021. Though inflation has fallen from its peak of over 10% at the end of last year, it remains elevated at 8.7%. The failure of inflation to fall as anticipated has stoked concerns that the Bank of England will continue to raise interest rates in the coming months rather than take a pause. The central bank lifted its main interest rate to a 15-year high of 5% last month, which has led to a sharp increase in mortgage rates. Elsewhere, the statistics

As the Federal Reserve continues with hikes, the linkage between corporate profit margins and inflation is blamed for consumer burden

Among male workers in Karnataka, only 26.8 per cent receive regular wages, as compared to 37.4 per cent in Gujarat, 33.6 per cent in Tamil Nadu and 32.6 per cent in Maharashtra

In election manifesto, party promises to fix minimum hourly wage for gig workers

The report also showed that women and girls are putting in at least 380 billion hours of unpaid care work every month

Wages are rising at near-record rates because workers are in short supply even though the economy is headed into recession

Weaker economic growth is unlikely to help much in the near term, particularly as a shortage of skilled labor encourages businesses to retain workers and pay them well.

The growth in nominal terms has been steady but the sharp rise in inflation seems to have eaten into the increase

Public-sector wages are on track to increase 5% this year, around half the current rate of inflation but higher than budgeted when spending plans were drawn up in 2021.