World unemployment is projected to increase by around 2.5 million in 2020 and almost half a billion people are working fewer paid hours than they would like or lack adequate access to paid work.
About the Publisher:
The ILO is designated as a specialised agency of the UN. It is devoted to promoting social justice and internationally recognized human and labour rights. It also sets international labour standards.
Parameters of Evaluation:
The report analyses key labour market issues, including unemployment, labour underutilisation, working poverty, income inequality, labour income share and factors that exclude people from decent work.
The magnitude of the Problem:
- Across the globe, the count of people reeling under unemployment hovers around 188 million.
- Along with that, 165 million people do not have enough paid work and 120 million lack access to the labour market.
- Moderate or extreme working poverty (defined as earning less than USD 3.20 per day in purchasing power parity terms) affects more than 630 million workers.
- Around 267 million young people aged 15-24 fall in NEET (not in employment, education or training) category.
Reasons Listed :
- Deep-seated Inequalities
- Work-related inequalities and exclusion (Gender/Age/Regional), that too if substantial in nature serve as a limiting factor for economic cum individual growth. The report shows that these continue to mar the job market.
- Global Economic Turmoil - Slowdown, Trade Protectionism, Deglobalisation
- With developed countries experiencing slow growth, stumbling rising economies. stagnating African Countries, the global slowdown has become a reality taking a toll on Employment scenario.
- Protectionism impacts trade and investment, in turn, drop National Incomes leading to wage and job losses.
Implications of the Current Scenario:
- Economy and society will not be able to utilise human resources to its benefit if “Labour underutilisation” and poor quality of jobs continue to linger.
- For common people, it will become increasingly difficult to build better lives through work, especially in poorer regions like Africa. They are experiencing a drop in real incomes and a rise in poverty.
- It will also create major hurdles in achieving Sustainable Development Goal 1(An end to poverty in all its manifestations by 2030) and also other linked SDGs.
- The report recommends that it is imperative for the Nations to keep economic growth and development in synchronisation with reduction of poverty and better working conditions.
- The manner in which it could be done is through structural transformation, technological up-gradation and diversification across the economies.
Also read: Employment in India