Wage growth 'at virtual standstill' for past five years

Real wage growth in the developed world has come to a “virtual standstill” since 2009 and has fallen in some countries, according to a new report.

Wages fell by between 2% and 5% a year in Ireland, Greece, Portugal and Spain, resulting in “real hardship” for low-paid workers, the Organisation for Economic Cooperation and Development (OECD) said.