Speaking as someone from the US, how is this a meaningful comparison in anyway? Honest question. Sure, wage growth sounds good in an upward trending market, but let's say the market has gone down 30% over the past five years. Would you expect everybody to take a 30% pay cut? If Walmart had a blockbuster year because their suppliers charged less (more efficient means of production), how are Walmart employee wages interconnected to the supplier charges?

I suppose what you are saying is the profits of the company should be poured back into worker salaries. I agree to an extent. But, what if the company undergoes very hard times (3-5 years of negative growth)? Should the company take back wages? I think this is a double-edge sword.

Layoffs contribute to the average worker taking a paycut. And we are seeing layoffs even in a market that is soaring. Why do you think that workers wouldn't be affected during a downturn?

Every company that goes down 30% cuts a ton of workers, that's way worse than just a pay cut.

they lay people off they don't give pay cuts

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