In a sobering report, Oxfam reveals that nearly 800 million workers worldwide have collectively lost $1.5 trillion to inflation over the past two years. This equates to almost a month’s wages for each affected worker, highlighting a stark reality of economic challenges faced by the global workforce.
The report underscores the impact of rising essential commodity prices, including food and gas, coupled with the stagnation of incomes for average-wage workers. The International Labour Organisation (ILO) notes that minimum-wage earners are particularly vulnerable, with negative real wage growth observed in many countries. Lower-income individuals, who allocate the majority of their disposable income to essentials, bear the brunt of this financial strain.
Notably, the report highlights the extraordinary wage gap, emphasizing that it would take a woman in the health and social sector 1,200 years to earn what the CEO of the largest Fortune 100 firm makes in a single year. This alarming statistic sheds light on the persistent challenges faced by workers navigating a turbulent economic landscape.
Contrastingly, the corporate realm presents a different narrative. Oxfam’s findings reveal that seven out of ten of the world’s largest corporations boast billionaire CEOs. Furthermore, only 0.4% of these corporate giants have publicly committed to providing a living wage for their staff and supporting such wages in their value chains.
Analysis of World Benchmarking Alliance data underscores the concentration of wealth at the top, with the five wealthiest individuals seeing their fortunes double from $405 billion to $869 billion since 2020. Concurrently, nearly five billion people have slipped into poverty during the same period.
Looking forward, Oxfam predicts a record-breaking year for major corporations in 2023. It estimates that 148 of the world’s largest corporations are set to accumulate $1.8 trillion in net income in the year to June 2023, reflecting a 52% increase compared to the average net earnings between 2018 and 2021.
Amidst these revelations, the report also highlights the substantial payouts to CEOs, with every $100 earned by 96 major corporations between July 2022 and June 2023 translating to $82 for wealthy shareholders. This further accentuates the widening gap between corporate elites and the workforce.
Oxfam’s annual report serves as a poignant call for comprehensive economic reforms, emphasizing the urgent need to address the expanding wealth gap and ensure fair compensation for workers on a global scale.
By: Montel Kamau
Serrari Financial Analyst
18th January, 2024
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
