• UGI USER
  • Jan 11, 2024
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ILO WARNS OF RISE IN UNEMPLOYMENT, DECLINE IN REAL WAGES

Why in News

The ILO has issued a warning about a global increase in unemployment expected in 2024.

Source: ILO

What was in ILO’s report

  • While joblessness and the job gap had been improving, they are anticipated to rise in 2024.
  • Real wages in most G20 countries declined in 2023, failing to keep up with inflation.
  • Approximately 1 million workers fell into extreme poverty due to declining real wages.
  • China, Russia, and Mexico experienced positive real wage growth in 2023.
  • A global economic slowdown is attributed to geopolitical tensions, inflation, and central bank actions.
  • The ILO warns that labor market imbalances may be structural rather than cyclical.
  • There are concerns about a modest recovery, despite higher-than-anticipated global growth in 2023.
  • India’s real wages were considered comparatively “positive” among G20 countries in 2022.

ILO

  • The International Labour Organization (ILO) is a specialized agency within the United Nations, dedicated to matters concerning the world of work.
  • Mandate: The ILO’s primary purpose is to promote social and economic justice by establishing and upholding international labor standards.
  • Motto: The organization’s commitment to fostering peace is embodied in its motto, “Decent Work for all.”
  • Headquarters: The ILO is headquartered in Geneva, Switzerland.
  • Parent organization: It operates under the umbrella of the Economic and Social Council of the United Nations (ECOSOC).
  • UN Affiliation: Additionally, it is a member of the United Nations Development Group (UNDP), a collective of UN agencies working to achieve the Sustainable Development Goals.
  • History: The ILO was established in 1919, following the conclusion of World War I and the Treaty of Versailles. Its creation was based on the belief that enduring global peace could only be achieved through the foundation of social justice. In 1946, it officially became a specialized agency under the United Nations.
  • Membership: The ILO boasts a membership of 187 member states, which includes 186 out of the 193 UN member states, along with the Cook Islands.
  • Structure: Uniquely, the ILO operates as the sole tripartite U.N. agency, bringing together representatives from governments, employers, and workers’ organizations from its 187 member states to address labor-related issues and promote fair and just working conditions.