Labour Wages Trend

Labour Regional Wages Overview

Get the latest insights on price movement and trend analysis of Labour Chemical Plant in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Labour Wages Trend (Q4 2021)

Asia

The level of VDA for 1.5 million central sphere employees was altered by the Ministry of Labor and Employment in the fourth quarter of 2021. Workers in the core sphere saw a raise in their take-home pay on October 1st as a result of the boost. Skilled factory workers in New Delhi, India would be paid 749 INR/day starting in October 2021. In Bihar, the daily rate was fixed at 301 INR.
 

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Europe

Workers in the European Union saw their earnings rise 2.8 % year-over-year in the fourth quarter of 2021. In January 2022, the minimum salary in EU Member States ranged from Bulgaria's 332 EUR/month to Luxembourg's 2257 EUR/month.

North America

The min. salary in the United States was raised in the final quarter of the year. Those on the minimum wage in the United States will get a boost in 2022. 21 states and 35 communities in the United States implemented new minimum wage laws in January 2022.

According to the National Employment Law Project, this was the largest increase in sub-national minimum wage regulation in the history of the United States. California and New York enacted statewide minimums of USD 15 an hour, while most states saw their minimum wage rise to USD 10 or USD 13 an hour.

Latin America

The minimum wage in the LATAM region varies greatly from country to country. While basic commodities and services were easily accessible to a Chilean worker on a minimum wage, a Venezuelan worker would have needed 156 such salaries to obtain the most basic core diet items.

Argentina's minimum wage was 31,938 Pesos in November 2021. November's 2.6% increase in the cost of basic food items meant that the cost of living for an adult and a child would rise to roughly 31,724 Pesos, a month's wages, for a household of two adults and two school-aged children.
 

Labour Wages Trend (Q1-Q3 2021)

Asia

At 178 INR/day for most of the first quarter of 2021, India's National Floor Level Minimum Wage (NFLMW) remained the same as in 2020. However, everything changed in the second half of March 2021. Government of India officials released and altered a new rate of Variable Dearness Allowance, effective April 2021, at a time when the country was coping with the second wave of COVID-19.

Using the Labor Bureau's Consumer Price Index for factory workers, the VDA is revised monthly (CPI-IW). CPI-IW averages were used to derive the most recent VDA revision, which was based on data from July 2019 through December 2020. Around 1.50 million workers in central sector occupations across the country were aided by this. An industrial worker who was highly competent was entitled to a minimum of 853 INR/day under this scheme; an unskilled worker was entitled to 645 INR/day.

Europe

As a result of COVID-19's rollout across the EU Member States in 2020, authorities responsible for setting the minimum wage faced a challenging issue. The majority of European countries agreed to modest increases in their statutory the salaries beginning in January 2021 in response to rising unemployment, acute economic instability, and the disruption of customary negotiation and consultation processes. Six countries in Central and Eastern Europe raised their minimum wages by more than 5%.

Among them were countries such as Latvia and Slovenia as well as Poland, Slovakia, Bulgaria, and Lithuania. Member nations with a longer history of membership (such as Portugal) and those with lower populations (such as the Netherlands) saw their populations grow by a lesser margin. If yields had been expressed in euro instead of British pounds, the 2.2% increase would have amounted to more than 6%.

North America

Despite the severity of the disturbance to the US labour market caused by the coronavirus epidemic, employed workers' earnings remained relatively stable. The COVID-19 recession resulted in a rise in the U.S. median wage, as lower-paid workers were laid off.

During the outbreak, wages remained steady, in part because lower-salary workers were more likely to lose their jobs. Consequently, in 2021, the average employed individual earned more than the average hired employee. Reduced inflation in 2021 boosted all workers' purchasing power by raising their incomes. For several quarters prior to the second wave of the coronavirus pandemic, the median hourly pay in the United States was approximately 21 USD.

Latin America

It was agreed upon by the government of Argentina in 2021 that there would be a 52.7 % year-on-year increase in wages to 33,000 Pesos in 2021. Until May 1, 2021, Chile's minimum monthly wage for workers aged 18 to 65 was 337,000 Pesos, while the rate for those 65 and above was 251,394. On September 1, 2020, the minimum salary was set at 326,500 pesos, with an increase of 10,500 pesos per month scheduled for May 2021.
 

Labour Wages Trend Overview 2020

Asia

With a national minimum wage of about INR 176 (USD 2.80) per day, or about INR 4,576 (USD 62) per month, India has Asia's lowest cost of labour. This was a federally mandated minimum wage, but it differed by location and other variables. In a broader sense, a study of typical monthly wages around the world found that Indians take home INR 32,800 (USD 437) on average.

Components such as the change in the Consumer Price Index (CPI) and, if available, a home rent allowance, are taken into consideration when calculating the monthly minimum salary (HRA). Government inspectors were retrained to serve as facilitators, and their job was to ensure that firms were following the new wage law.

Europe

There was a rise in the statutory min. salary for 2020 in the majority of EU countries in June 2020. In many cases, this increase was large (11%). Overall, the min. tax rates in every EU Member State rose in comparison to this time last year. Year-on-year increases varied from 17% in Poland (EUR 523-611) to 1.2% in France (EUR 1,521-1,539), while prices in Latvia were stable. Gross minimum salary in Portugal rose by 8.4% to EUR 740.

North America

Salaries in the United States climbed at a historically high rate, 6.9 % for the average worker, between 2019 and 2020, but it was not for the better. In 2020, the US economy took a hit unlike anything seen in recent memory. More than 80 % of the 9.6 million net job losses in 2020 were held by wage employees in the bottom 25 % of the pay gap, which increased wages significantly.

More than a million jobs in the middle and upper classes were created while 7.9 million low-wage people quit the economy. Economic overheating was not a cause for celebration, and wage inflation in 2020 was not an excuse to inject policy debates with anxiety.

Because of decades of low wage growth, the majority of workers had a weak negotiating position and were unable to secure raises sufficient to make up for that. For low-wage workers, this pandemic-induced economic collapse was more challenging than earlier recent recessions since they were still in need of support.

More than 90 % of high-paid workers in the top 25 % of the wage distribution will be employed in 2020, compared to fewer than 75 % of low-income workers. The low-wage labour market peaked in 2020, and wages rose as a result.

Latin America

After going up to 16,875 Pesos (USD 229.4) per month on October 1, 2019, the statutory monthly min. salary in Argentina has been set at 1,15 USD per hour. The federal min. salary was raised to 1,045 Reais (USD 186) per month in April 2020 to account for inflation. Only a few small local businesses really followed through on this mandated monthly min. salary.

As a matter of public policy or to comply with the requirements of the appropriate collective bargaining agreement, large firms and multinational organisations paid employees more than the minimum wage. Toward the end of April 2020, the Chilean government passed a bill granting 300,000 Pesos a month in subsidies to employees earning less than Pesos 384,363 a month in response to the covid-19 crisis. Colombia's minimum wage was 877,802 Colombian Pesos per month.

Procurement Resource provides latest prices of Labour Chemical Plant. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.