World Employment And Social Outlook – Trends 2020 : ILO – Economics

Table of Contents

CURRENT AFFAIR

Recently, the International Labour Organisation (ILO) has released the World Employment and Social Outlook: Trends 2020 (WESO) report.

It analyses key labour market issues, including unemployment, labour underutilisation, working poverty, income inequality, labour income share and factors that exclude people from decent work.

Unemployment occurs when workers who want to work are unable to find jobs, which means lower economic output.
The number of people unemployed around the world stands at some 188 million.
Some 267 million young people aged 15-24 are not in employment, education or training, and many more suffer from substandard working condition.

Working poverty is defined as earning less than USD 3.20 per day in purchasing power parity terms.
It affects more than 630 million workers or one in five of the global working population.
PPP is an economic theory that compares different countries’ currencies through a “basket of goods”
PPP compares economic productivity and standards of living between countries.

165 million people do not have enough paid work, and 120 million have either given up actively searching for work or otherwise lack access to the labour market.
Almost half a billion people are working fewer paid hours than they would like or lack adequate access to paid work.

It is projected to increase by around 2.5 million in
Moderate or extreme working poverty is expected to increase in 2020-21 in developing countries, increasing the obstacles to achieving Sustainable Development Goal 1 on eradicating poverty everywhere by 2030.

Persisting and substantial work-related inequalities (Gender, age and geographical location) and exclusion are preventing from finding decent work and better
Global Economic Slowdown
Many underdeveloped countries are experiencing a drop in real incomes and a rise in poverty.
A rise in trade restrictions and protectionism restricts national as well as global employment generation.
Decreasing Value of Human Capital

Ensure that economic growth and development occurs in a way that leads to the reduction of poverty and better working conditions.
It also recommends for structural transformation, technological upgrading and diversification in global as well as national economies.

International Labour Organisation (ILO) was created in 1919, as part of the Treaty of Versailles that ended World War I, to reflect the belief that universal and lasting peace can be accomplished only if it is based on social justice.It became a specialized agency of the United Nations in 1946.
It is a tripartite organization, the only one of its kind bringing together representatives of governments, employers and workers in its executive bodies.
India is a founder member of the International Labour
It is Headquartered at Geneva in Switzerland.
In 1969, ILO received the Nobel Peace Prize for improving fraternity and peace among nations, pursuing decent work and justice for workers, and providing technical assistance to other developing nations