Swedish employees lost more than 5% of their salary in 2022 - at the same time, senior managers are earning more.
One billion workers will see an average real wage cut of 3.19% in 2022, adjusted for inflation, according to Oxfam's overview of wage growth and inflation in 50 countries.
Swedish employees lost an average of 5.6% of their salary. At the same time, the real wages of the highest paid CEOs are increasing both in Sweden and globally. This is according to recent figures from the International Labor Organization (ILO) and national statistical databases, compiled by Oxfam.
"Almost everyone is getting worse off right now, both in Sweden and in the world, and many are finding it difficult to cope with everyday life. Those who earn the least generally spend most of their disposable income on current expenses such as housing, electricity and food costs, and lack savings. Already today, people are choosing between buying food at the grocery store or paying their electricity bill on time. At the same time, those who earn the most are seeing their savings increase."
Suzanne Standfast, Secretary General Oxfam Sweden
International figures show how CEO pay at the largest companies continues to rise, with over 300 of the highest paid executives in the US, UK, India and South Africa receiving an average pay rise of 9% in 2022. In Sweden, figures from the Swedish Trade Union Confederation show that 69 industrial workers earn the average salary of a company CEO and the gap between CEO pay and employees is the largest since 1950.
"These gaps are completely unreasonable - and those with power and influence must act. Business leaders have a responsibility to ensure that the pay gap between well-paid executives and ordinary workers does not widen. Similarly, policy action is needed to reduce inequality. Unfortunately, crisis measures to lift the most vulnerable were missing from the government's and the Sweden Democrats' spring budget."
Suzanne Standfast, Secretary General Oxfam Sweden
Oxfam notes that, as in previous crises such as the pandemic, ordinary people around the world are currently bearing the brunt of the consequences of the crisis. Crises hit hardest those who are already most vulnerable and live in countries with widespread poverty.
"It is a betrayal of the world that Sweden and many other countries are currently reducing their aid and global responsibility. The inequality crisis erodes welfare, increases people's frustration and powerlessness, and lowers trust in our elected politicians. Inequality locks people into poverty and leads to insecure, polarized societies characterized by social unrest and violence."
Suzanne Standfast, Secretary General Oxfam Sweden
The figures in brief
> Employees in Sweden saw an average real wage cut of 5.6% in 2022 as wages did not keep pace with inflation.
> LO figures show that there are 69 industrial worker salaries on an average company CEO salary, and the gap between CEO salaries and wage earners is the largest since 1950.
> One billion workers in 50 countries received an average real wage cut of 3.19% in 2022.
> While workers' wages are not keeping pace with inflation, CEOs' real wages are increasing. Over 300 of the highest paid CEOs in India, the UK, the US and South Africa received a 9% real wage increase over the same period.
Sources:
Oxfam's calculations are based on figures and data from the International Labor Organization, Eurostat, the World Bank and the OECD. See full methodology here.
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