PAISA Portal and Global Wage Report 2018
- Portal for Affordable Credit and Interest Subvention Access was recently launched by Ministry of Housing and Urban Affairs.
- It is a centralized electronic web platform for processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM).
- The web platform has been designed and developed by Allahabad Bank which is the Nodal bank.
- It enables the government to connect directly with the beneficiaries and ensuring greater transparency and efficiency in delivery of services.
- All the States & UTs, all scheduled commercial banks, RRBs and Cooperative Banks are expected to deploy this portal.
Global Wage Report 2018
- Global Wage Report 2018 brought out by the International Labour Organisation (ILO).
- India had the fastest wage growth in South Asia in 2017.
- Globally, the rate of growth in wages in 2017 fell to its lowest level since 2008, but workers in India had the highest average real wage growth in Southern Asia of 5.5% over the period 2008-17.
Gender Wage Gap
- Women are paid the most unequally in India, compared to men, when it comes to hourly wages for labour – International Labour Organisation (ILO), women are paid 34% less than men.
Salient features of the report:
- In advanced economies (G20), real wage growth declined from 0.9 per cent in 2016 to 0.4 per cent in 2017, meaning near stagnation. By contrast, in emerging economies and developing G20 countries, real wage growth dipped marginally from 4.9 per cent in 2016 and 4.3 per cent in 2017.
- Inequality is higher in monthly wages, with a gap of 22 per cent.
- Real wages grew just 1.8 per cent globally (136 countries) in 2017.
- In most countries, women and men differ significantly in respect of working time – specifically, that part-time work is more prevalent among women than among men.