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Wage Inequality Worsening in World’s Leading Economies, Claims Think Tank (8 December 2011)

Date: 08/12/2011
Duncan Lewis, Legal News Solicitors, Wage Inequality Worsening in World’s Leading Economies, Claims Think Tank

The Organization for Economic Co-operation and Development (OECD) has claimed that wage inequality between the rich and the poor is worsening in almost all global economies. Recent research, which examined 22 countries, revealed that inequality increased in 17 countries between 1980 and 2008. The world’s most unequal economies were found to be the United States of America, Turkey, Mexico and Chile. Inequality increased at its greatest rate in the UK, peaking in the year 2000 being falling and then rising once again. Countries such as Denmark, Germany and Sweden have also been found to experience growing wage inequality in recent decades.

The OECD uncovered that globally, the wealthiest ten per cent of the world’s population earns approximately nine times more than the most deprived ten per cent. In the UK alone, the wealthiest one per cent has witnessed their wages double in size since the 1970s. The average yearly income for the wealthiest ten per cent of Brits in 2008 amounted to £55,000, 12 times greater than the average yearly income for the poorest ten per cent.

Angel Gurria, the secretary-general of the OECD, has told of how the study dispels myths that the advantages of economic growth automatically filter down to the most disadvantaged members of society. The OECD has blamed the labour market for the rise in wage inequality. The organisation has recommended that Governments across the globe invest to produce higher quality jobs and to enhance the skills of their workers.

Duncan Lewis’ employment law solicitors are able to represent clients dealing with wage inequalities in their place of employment.

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