Worker wages not keeping up with their productivity

Worker productivity constantly increases, but workers don’t feel this with higher wages.

NCR worker productivity increased by 42% over 2012-2021, measured as gross regional domestic product divided by employment. But the minimum wage only went up by 18%, so the productivity increases went to bloating corporate profits. The top 1000 firms soared 68% over that same period.

The minimum wage didn’t keep up with inflation, and the real wage fell by 5%, measured in constant 2018 prices.

Source link

Post Views: 202

IBON Foundation

IBON Foundation is a non-stock, non-profit development organization. We have been serving the Filipino people through research and education since 1978. IBON seeks to promote an understanding of socioeconomics that serves the interests and aspirations of the Filipino people. We study the most urgent social, economic, and political issues confronting Philippine society and the world.