Oxfam alerted Intermon International Labor Day That “real wages” fell by 3.2% in the world in 2022 and 5.5% in SpainIt ensures that the workers lost, in terms of purchasing power, the equivalent of 11 working days.
In a press release issued on Monday, the NGO noted that while real wages or the purchasing power of households decline, Profits grow To distribute the major listed companies to their shareholders. It reveals that in Spain it increased last year by 26.8% to reach 26 thousand million euros. However, this escalation is affected by the hacking that many companies have experienced in their payments to shareholders during the pandemic.
Salaries are growing lower in Spain
In addition to the increase in prices, Oxfam Intermon points out that the main reason for this loss in purchasing power is due to the fact that wages in Spain have risen at a lower rate than in the rest of the major economies, making Workers lose an average of €1,523 in purchasing power in 2022.
In 2021, a working person would need to have worked more than 147 years to reach the median annual wage of an IBEX Executive 35. Oxfam Intermon stresses that this gap could get worse in 2022, pending final data.
Salaries do not grow with inflation
The report indicates that One billion workers in 50 countries analyzed would suffer an average wage cut of $685 in 2022. Combined loss of $746 billion in real terms – compared to what they would earn if wages kept pace with inflation.
“Chief executives tell us we need to keep salaries low while their shareholders get paid outrageously,” says Frank Cortada, managing director of Oxfam Intermon, an organization that advocates for a more distributable financial policy.
Internationally, this body reports that the salaries of top executives in India, the UK, the US and South Africa increased by 9% in real terms (16% without adjusting for inflation).
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