Recently, the International Labour Organisation (ILO) released its World Employment and Social Outlook: Trends 2020 (WESO) report. This annual document provides a comprehensive analysis of significant global labor market matters such as unemployment, labor underutilization, working poverty, income inequality, labor income share, and aspects that exclude people from securing decent jobs.
Key Findings in the WESO Report
According to the report, worldwide unemployment currently affects approximately 188 million people. A staggering 267 million young individuals between the ages of 15 and 24 are not involved in employment, education, or training, and many encounter subpar working conditions.
Working Poverty
The WESO report has defined ‘working poverty’ as earning less than USD 3.20 per day, influenced by purchasing power parity. This issue concerns over 630 million workers globally, constituting one in five of the total working population.
Unpaid Work
For 165 million individuals, there is insufficient paid work available, while 120 million have either discontinued their active job search or lack access to the job marketplace. Almost half a billion people either wish for more paid hours or lack proper access to paid work.
Projected Future Unemployment Statistics
The global unemployment rate is forecasted to augment by about 2.5 million in 2020. Though, over the previous nine years, global unemployment has remained relatively stable.
Table of Key Facts
| Fact | Number |
|---|---|
| Global Unemployment | 188 million |
| Youth not in employment, education, or training | 267 million |
| Working Poverty | 630 million workers |
| People without enough paid work | 165 million |
| Individuals without access to job market | 120 million |
Reasons for Rising Unemployment
The report pointed out several causes contributing to the rise in unemployment. It cited persistent and significant work-related disparities based on gender, age, and geographical location, and exclusion are major hurdles in finding decent jobs. Global economic slowdown is also a key reason, as it fails to produce sufficient new jobs to accommodate new entrants into the labor market. Surging protectionism has also been highlighted as a cause for concern, as it curtails national and global job creation. The falling value of human capital due to labor underutilization and poor-quality jobs hampers economies from reaping the benefits of a vast pool of human talent.
About International Labour Organisation (ILO)
Founded in 1919 as part of the Treaty of Versailles that concluded World War I, the ILO is committed to establishing universal and lasting peace based on social justice. It transitioned to a specialized agency of the United Nations in 1946. Unique in its tripartite structure, the ILO brings together representatives from governments, employers, and workers. India is a founding member of the organization, headquartered in Geneva, Switzerland. In recognizing its role in promoting peace among nations, advancing decent work and justice for workers, and providing technical assistance to developing countries, the ILO was awarded the Nobel Peace Prize in 1969.
