Quantcast
Article Index |Advertise | Mobile | RSS | Wireless | Newsletter | Archive | Corrections | Syndication | Contact us | About Us| Services
 
Sat, Oct 25, 2014 10:36 PM Philippines      25°C to 33°C
  HOME       NEWS     SPORTS     SHOWBIZ AND STYLE      TECHNOLOGY     BUSINESS     OPINION      GLOBAL NATION    SERVICES
Advertisement
Inquirer Mobile
Property Guide

INQUIRER ALERT
Get the free INQUIRER newsletter
Enter your email address:

 
Money/ Breaking News Type Size: (+) (-)
You are here: Home > Business > Money > Breaking News

  ARTICLE SERVICES      
     Reprint this article     Print this article  
    Send Feedback  
    Post a comment   Share  

  RELATED STORIES  




imns


Is recession over? ILO doesn’t think so


Philippine Daily Inquirer
First Posted 04:26:00 11/04/2009

Filed Under: Labour dispute, World Financial Crisis, Wages & Pensions, Employment

MANILA, Philippines?The International Labor Organization (ILO) Tuesday questioned assertions that the global economic recession was over since wages continued to drop.

In a statement issued Tuesday, the ILO said real wages worldwide declined for a second year in a row. In 2008, based on a sample of 53 countries where data was available, growth in real average wages in the median country fell from 4.3 percent in 2007 to 1.4 percent in 2008.

The ILO said it expected wages to slide even further in 2009. In the first quarter of the year alone, real monthly wages sagged in half of the 35 countries that submitted data, compared to their average in 2008.

?The continued deterioration of real wages worldwide raises serious questions about the true extent of an economic recovery, especially if government rescue packages are phased out too early,? said Manuela Tomei, director of the ILO Conditions of Work and Employment Program.

Tomei said the drop in wages was because of reduced work hours and cuts in the employment sector as companies try to cushion the effects of the credit crunch which started in 2008.

She said the recession left the workers in a precarious and vulnerable position. Kristine L. Alave



Copyright 2014 Philippine Daily Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



Share

RELATED STORIES:

OTHER STORIES:



  ^ Back to top

© Copyright 2001-2014 INQUIRER.net, An INQUIRER Company

The INQUIRER Network: HOME | NEWS | SPORTS | SHOWBIZ & STYLE | TECHNOLOGY | BUSINESS | OPINION | GLOBAL NATION | Site Map
Services: Advertise | Buy Content | Wireless | Newsletter | Low Graphics | Search / Archive | Article Index | Contact us
The INQUIRER Company: About the Inquirer | User Agreement | Link Policy | Privacy Policy

Advertisement
Megaworld
Jobmarket Online
Inquirer VDO
BizLinq