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Cision Canada
3 days ago
- Business
- Cision Canada
Biggest-ever aid cut by G7 members a death sentence for millions of people, says Oxfam
Aid cuts could cost millions of lives and leave girls, boys, women and men without access to enough food, water, education, health treatment G7 countries are making deliberate and deadly choices by cutting life-saving aid, enabling atrocities, and reneging on their international commitments Low and middle-income countries face reduced aid, rising debt, and trade barriers — a perfect storm that threatens development and recovery. OTTAWA, ON, June 10, 2025 /CNW/ - The Group of Seven (G7) countries, which together account for around three-quarters of all official development assistance, are set to slash their aid spending by 28 percent for 2026 compared to 2024 levels. It would be the biggest cut in aid since the G7 was established in 1975, and indeed in aid records going back to 1960, reveals a new analysis by Oxfam ahead of the G7 Summit in Kananaskis, Canada. "The G7's retreat from the world is unprecedented and couldn't come at a worse time, with hunger, poverty, and climate harm intensifying. The G7 cannot claim to build bridges on one hand while tearing them down with the other. It sends a shameful message to the Global South, that G7 ideals of collaboration mean nothing," said Oxfam International Executive Director Amitabh Behar. 2026 will mark the third consecutive year of decline in G7 aid spending – a trend not seen since the 1990s. If these cuts go ahead, G7 aid levels in 2026 will crash by $44 billion to just $112 billion. The cuts are being driven primarily by the US (down $33 billion), Germany (down $3.5 billion), the UK (down $5 billion) and France (down $3 billion). "Rather than breaking from the Trump administration's cruel dismantling of USAID and other US foreign assistance, G7 countries like the UK, Germany, and France are instead following the same path, slashing aid with brutal measures that will cost millions of lives," said Behar. "These cuts will starve the hungry, deny medicine to the sick, and block education for a generation of girls and boys. This is a catastrophic betrayal of the world's most vulnerable and crippling to the G7's credibility," said Behar. Canada allocated $10.17 billion to official development assistance in 2023/2024. Although its foreign aid budgets have been declining for the past two years, Canada is one of the few G7 countries that as not announced its intention to cut ODA. Oxfam Canada is calling on the federal government to clearly affirm its commitment to combating global inequality by maintaining its international aid budget for the coming years. "The Canadian government's recently announced intention to increase Canada's military spending to meet the NATO target of 2% of GDP makes the announcement all the more necessary. International aid makes a crucial contribution to global stability by focusing on prevention and providing essential services that strengthen social cohesion," said Lauren Ravon, Executive Director of Oxfam Canada. Economic projections show that aid cuts will mean 5.7 million more people across Africa will fall below extreme poverty levels in the coming year, a number expected to rocket to 19 million by 2030. Cuts to aid are putting vital public services at risk in some of the world's poorest countries. In countries like Liberia, Haiti, Malawi, and South Sudan, US aid had made up over 40 percent of health and education budgets, leaving them especially exposed. Combined with a growing debt crisis, this is undermining governments' ability to care for their people. Global aid for nutrition will fall by 44 percent in 2025 compared to 2022: The end of just $128 million worth of US-funded child nutrition programs for a million children will result in an extra 163,500 child deaths a year. At the same time, 2.3 million children suffering from severe acute malnutrition – the most lethal form of undernutrition – are now at risk of losing their life-saving treatments. One in five dollars of aid to poor countries' health budgets are cut or under threat: WHO reports that in almost three-quarters of its country offices are seeing serious disruptions to health services, and in about a quarter of the countries where it operates some health facilities have already been forced to shut down completely. US aid cuts could lead to up to 3 million preventable deaths every year, with 95 million people losing access to healthcare. This includes children dying from vaccine-preventable diseases, pregnant women losing access to care, and rising deaths from malaria, TB, and HIV. G7 countries are not just reneging on commitments to global aid and solidarity, they are fuelling conflicts by allowing grave violations of international law, like in Gaza where people are facing starvation. Whether in Ukraine, the occupied Palestinian territory, the Democratic Republic of the Congo or elsewhere, civilians must always be protected, and aid is often the first line of protection they get. G7 countries are illuminating a double standard that risks more global instability, conflict and atrocities. While G7 countries cut aid, their citizen billionaires continue to see their wealth surge. Since the beginning of 2025, the G7 ultra-rich have made $126 billion, almost the same amount as the group's 2025 aid commitment of $132 billion. At this pace, it would take the world's billionaires less than a month to generate the equivalent of the G7's 2025 aid budget. By taxing the super-rich, the G7 could easily meet their financial commitments to end poverty and climate breakdown, whilst also having billions in new revenue to fight inequality in their own countries. "The world is not short of money. The problem is that it is in the hands of the super-rich instead of the public. Rather than fairly taxing billionaires to feed the hungry, we see billionaires joining government to slash aid to the poorest in order to fund tax cuts for themselves," said Behar. Oxfam is calling on the G7 to urgently reverse aid cuts and restore funding to address today's global challenges. More than 50 years after the United Nations set the target of 0.7 percent for aid spending, most G7 countries remain well below this. Oxfam is also urging the G7 to support global efforts led by Brazil and Spain to raise taxes on the super-rich, and to back the call from the African Union and The Vatican for a new UN body to help manage countries' debt problems. NOTES TO EDITORS According to OECD Data Explorer, the combined annual aid expenditure of the G7 in 2024 was $156.694 billion. Canada spent $7.323 billion, the United States $61.821 billion, Japan $17.583 billion, France $15.047 billion, Germany $31.382 billion, Italy $6.534 billion, and the United Kingdom $17.005 billion. Donor Tracker estimates that the decline in combined annual aid spending of the G7 countries for the period 2024 to 2026 will be -$44,488 billion. In 2024, aid from G7 countries declined by 8 percent, and projections for 2025 point to a sharper drop of 19 percent. Modelling using finds that 5.7 million more Africans would fall below the US$2.15 extreme poverty income level in the next year if Trump's administration succeeds in its aid-reduction ambition. This assumes a 20 percent reduction of aid to Africa, considering that some US aid would be maintained as the US alone accounted for 26 percent of aid to Africa before the cuts. The dismantling of USAID and major aid reductions announced by Western donors threaten to undo decades of progress on malnutrition. A 44 percent drop in funding from 2022 levels could lead to widespread hardship and death. Up to 2.3 million children with severe acute malnutrition risk losing life-saving treatment, warns the Standing Together for Nutrition Consortium. There are 2,968 billionaires in the world, and 1,346 live in G7 countries (45 percent). For real-time updates, follow us on X and Bluesky, and join our WhatsApp channel tailored specifically for journalists and media professionals.
Time of India
01-05-2025
- Business
- Time of India
Millions for bosses, peanuts for workers: CEOs pay went up by 50% - 56 times more than workers
Apparently, it is a great time to be a CEO but not so much for anyone else as average CEOs' pay skyrockets to new heights while employees are left grappling with rising costs of living. A recent report by Oxfam released on International Workers' Day on 1 May revealed that the average global CEO now earns $4.3 million a year, which is a staggering 50% real-term increase from $2.9 million, in just 6 years from 2019 (the figures are adjusted for inflation). In stark contrast, the average worker's wage has risen by just 0.9% over the same period in countries where CEO pay data is available. These figures, taken from almost 2,000 companies across 35 countries show how CEO's pay, aided with a bouquet of bonuses and shares, is growing much faster than what workers earn or what things cost. 'Year after year, we see the same grotesque spectacle: CEO pay explodes while workers' wages barely budge. This isn't a glitch in the system -- it's the system working exactly as designed, funnelling wealth ever upwards while millions of working people struggle to afford rent, food and healthcare,' said Oxfam International executive director Amitabh Behar. Billionaires, many of whom own major shares in the corporations they lead, have seen their fortunes swell even further. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like My Stepdad Demands I Pay Him Rent On My 18th Birthday. He Doesn't Know I Own The House So I Did This Daily Sport X Undo Over the past year alone, they pocketed an average of $206 billion in new wealth, equivalent to $23,500 every hour, more than the average annual income of a worker globally. India India's average CEO salary stands at $2 million in 2024, while in Germany and Ireland, the figures climb even higher at $4.7 million and $6.7 million respectively. In South Africa, the average is $1.6 million. On the other hand, in 2024, workers in India (in the Delhi NCR region), needed to have Rs 32,565 for a decent living for a family while the living wage per month stands at Rs 22,696. This income is also subjected to a series of payroll deductions and taxes, leaving it at a mere Rs 21,411, leaving the employees to live paycheck to paycheck and figure out how to make up another Rs 10,000 to survive the month. These figures for family living expenses and net living wage stood at Rs 32,276 and Rs 21,221, respectively, according to a report by Anker Research Institute. Persistent gender gap The report also shed light on the persistent global gender pay gap. Out of 11,366 corporations across 82 countries found that the average pay gap between men and women narrowed slightly from 27 per cent to 22 per cent between 2022 and 2023. Yet, on average, women still 'effectively work for free on Fridays', while their male colleagues are paid for the full week. Japan and South Korea recorded some of the widest gender pay gaps at around 40 per cent, while Latin America's average rose to 36 per cent. In the UK, Ireland, Denmark and Canada, the average gap was reported at 16 per cent. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
01-05-2025
- Business
- Business Standard
Pay of global CEOs up 50% since 2019, 56 times higher than workers: Oxfam
Noting that the average pay for CEOs in India has reached USD 2 million a year, a new study by research and advocacy group Oxfam said the average pay for global CEOs surged by 50 per cent in real terms since 2019, against a 0.9 per cent hike in average worker's wages. Every hour, billionaires pocket more wealth than the average worker earns in an entire year, the analysis said, underlining that the average gender pay gap in 11,366 corporations worldwide narrowed slightly from 27 per cent to 22 per cent between 2022 and 2023 -- yet their average female employee still effectively works for free on Fridays, while their average male employee is paid through the week. "This is a 50 per cent real-term increase from USD 2.9 million in 2019 (adjusted for inflation) -- a rise that far outpaces the real wage growth of the average worker, who saw a 0.9 per cent increase over the same five-year period in countries where CEO pay data is available," the analysis said. Ireland and Germany have some of the highest-paid CEOs, earning an average of USD 6.7 million and USD 4.7 million a year in 2024, respectively. The analysis said the average CEO's pay in South Africa was USD 1.6 million in 2024, while in India, it reached USD 2 million. "Year after year, we see the same grotesque spectacle: CEO pay explodes while workers' wages barely budge. This isn't a glitch in the system -- it's the system working exactly as designed, funnelling wealth ever upwards while millions of working people struggle to afford rent, food and healthcare," Oxfam International executive director Amitabh Behar said. The boosts to global CEO pay come as warnings grow that wages are failing to keep pace with the cost of living, the analysis said. While the International Labour Organization (ILO) reported real wages grew by 2.7 per cent in 2024, many workers have seen their wages stagnate. In France, South Africa and Spain, for example, real wage growth was just 0.6 per cent last year. While wage inequality decreased globally, it remains very high, particularly in low-income countries, where the share of income of the richest 10 per cent is 3.4 times higher than the poorest 40 per cent. The analysis said the billionaires -- who often fully, or in part, own large corporations -- pocketed on an average USD 206 billion in new wealth over the last year, which is equivalent to USD 23,500 an hour, more than the global average income in 2023 (USD 21,000). Beyond the runaway CEO pay, the global working class is now facing a new threat: sweeping US tariffs. These policies pose significant risks for workers worldwide, including job losses and rising costs for basic goods that would stoke extreme inequality everywhere. "For so many workers worldwide, US President Donald Trump's reckless use of tariffs means a push from one cruel order to another: from the frying pan of destructive neoliberal trade policy to the fire of weaponised tariffs. These policies will not only hurt working families in the US, but especially harm workers trying to escape poverty in some of the world's poorest countries, Behar said. Increasingly, corporations are being required by the law to report their gender pay gaps -- the average difference in earnings between women and men. Oxfam's analysis of the S&P Capital IQ database found that among 11,366 corporations across 82 countries that reported gender pay gap data, the average gap narrowed slightly from 27 per cent to 22 per cent between 2022 and 2023. Yet, on average, women in these corporations still effectively work without pay on Fridays, while their male counterparts are paid for the full week, the study said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
NDTV
01-05-2025
- Business
- NDTV
Global CEOs' Pay Rose 50% Since 2019, 56 Times More Than Workers: Report
New Delhi: Noting that the average pay for CEOs in India has reached $2 million a year, a new study by research and advocacy group Oxfam said the average pay for global CEOs surged by 50 per cent in real terms since 2019, against a 0.9 per cent hike in average worker's wages. Every hour, billionaires pocket more wealth than the average worker earns in an entire year, the analysis said, underlining that the average gender pay gap in 11,366 corporations worldwide narrowed slightly from 27 per cent to 22 per cent between 2022 and 2023 -- yet their average female employee still effectively works for free on Fridays, while their average male employee is paid through the week. "This is a 50 per cent real-term increase from $2.9 million in 2019 (adjusted for inflation) -- a rise that far outpaces the real wage growth of the average worker, who saw a 0.9 per cent increase over the same five-year period in countries where CEO pay data is available," the analysis said. Ireland and Germany have some of the highest-paid CEOs, earning an average of $6.7 million and $4.7 million a year in 2024, respectively. The analysis said the average CEO's pay in South Africa was USD 1.6 million in 2024, while in India, it reached $2 million. "Year after year, we see the same grotesque spectacle: CEO pay explodes while workers' wages barely budge. This isn't a glitch in the system -- it's the system working exactly as designed, funnelling wealth ever upwards while millions of working people struggle to afford rent, food and healthcare," Oxfam International executive director Amitabh Behar said. The boosts to global CEO pay come as warnings grow that wages are failing to keep pace with the cost of living, the analysis said. While the International Labour Organization (ILO) reported real wages grew by 2.7 per cent in 2024, many workers have seen their wages stagnate. In France, South Africa and Spain, for example, real wage growth was just 0.6 per cent last year. While wage inequality decreased globally, it remains very high, particularly in low-income countries, where the share of income of the richest 10 per cent is 3.4 times higher than the poorest 40 per cent. The analysis said the billionaires -- who often fully, or in part, own large corporations -- pocketed on an average USD 206 billion in new wealth over the last year, which is equivalent to $23,500 an hour, more than the global average income in 2023 ($21,000). Beyond the runaway CEO pay, the global working class is now facing a new threat: sweeping US tariffs. These policies pose significant risks for workers worldwide, including job losses and rising costs for basic goods that would stoke extreme inequality everywhere. "For so many workers worldwide, US President Donald Trump's reckless use of tariffs means a push from one cruel order to another: from the frying pan of destructive neoliberal trade policy to the fire of weaponised tariffs. These policies will not only hurt working families in the US, but especially harm workers trying to escape poverty in some of the world's poorest countries,' Behar said. Increasingly, corporations are being required by the law to report their gender pay gaps -- the average difference in earnings between women and men. Oxfam's analysis of the S&P Capital IQ database found that among 11,366 corporations across 82 countries that reported gender pay gap data, the average gap narrowed slightly from 27 per cent to 22 per cent between 2022 and 2023. Yet, on average, women in these corporations still effectively work without pay on Fridays, while their male counterparts are paid for the full week, the study said.
