and in consideration of the interest, if any, due on such advance (Peshgi), or in pursuance of any customary or social obligation, or for any economic consideration received by him or by any member of his family; bonded labourer would render, by himself or through any member of his family, or any person dependent on him, labour or service to the creditor, or for the benefits of the creditor, for a specified period, or for an unspecified period, either without wages or for nominal wages
grew 3.4 percent over the last 12 months, the fastest pace since 2009," according to the statement.
The average monthly nominal wages
in mining, finance and insurance, vocational, scientific and technical activities, information and communication, transport and warehousing, as well as construction sectors were higher.
The Statistics Office said nominal wages
were up 3.6 percent between July and September from the year ago period, the strongest increase since the second quarter of 2011, while consumer prices climbed 2.1 percent from the previous year.
He insisted that "the focus now is on worsening inflation that has eroded workers' nominal wages
. But hardly noticed is the growing inequality due to the stagnation of real wages while productivity is booming."
India Ratings noted that even as there were efforts to hike rural wage and support rural employment scheme, they merely ended up shielding nominal wages
from falling post demonetisation.
Real wages is defined as the purchasing power of a worker's wages in terms of goods and services, or a worker's nominal wages
corrected for inflation.
Next year, investment activity should remain strong, mainly due to public projects such as the construction of the Bratislava highway bypass, the TASR newswire reported.The tightening of the labour market coupled with insufficient labour supply in some regions is bound to continue exerting upward pressure on nominal wages
, particularly in an environment of reviving consumer prices, reads the report, pointing to a record low in unemployment in 2017 (8.1 percent), which is expected to decline further to around 6 percent in 2019.Nevertheless, based on data from the Slovak labour offices, the unemployment rate already fell in March to 5.
Even if both firms and workers agreed to reduce nominal wages
, this could lead to a decline in prices such that the real wage would not go down, preventing the mechanism which brings supply and demand into equilibrium from operating.
A vast number of women workers in rural and urban areas are still leading sub-human life due to the very nominal wages
paid to them.
in Cyprus rose 0.5 per cent in April to June compared to a year before while costs other than wages and salaries dropped 0.1 per cent, Eurostat said in a statement on its website on Friday.
The PCE adjustment implies that real wages grew by about 0.5 percent per year between 1975 and 2015, markedly weaker than the 1.2 percent average annual growth between 1964 and 1975, but greater than the nearly constant real wage trajectory that results from using the CPI-U to deflate nominal wages