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Global crisis leads to worse labor market recovery: ILO

According to new reports, multiple global crises have significantly exacerbated the recovery of the global labor market, along with widening domestic and international inequality. International Labor Organization (ILO) The report found that the growing differences between richer and poorer countries continue to characterize recovery.

In the 9th edition of World of Work’s ILO Monitor, after a significant increase in the 4th quarter of 2021, global working hours reached 3.8 the pre-crisis benchmark (4th quarter) in the 1st quarter of 2022. It turned out that it was below%. 2019). This represents a shortage of 112 million full-time jobs.

This represents a significant downgrade of the figures announced by the ILO in January 2022.

The new International Labor Organization (ILO) reports that multiple global crises have significantly exacerbated the recovery of the global labor market, increasing national and intercountry inequality. Characterize recovery.

Several new interrelated global crises include inflation (especially energy and food prices), financial turmoil, potential debt suffering, and global supply chain turmoil exacerbated by the war in Ukraine. This means that there is an increased risk of worsening working hours in 2022. The ILO said in a press release as well as its widespread impact on the global labor market in the coming months.

High-income countries have experienced a recovery in working hours, while low- and middle-income countries have a gap of 3.6% and 5.7%, respectively, in the first quarter of this year compared to pre-crisis benchmarks. Retreated to. These divergent trends are likely to worsen in the second quarter of 2022, the report said.

In some developing countries, governments are increasingly constrained by lack of financial space and debt sustainability challenges, but businesses face economic and financial uncertainty and work. Those continue to be left unattended without sufficient access to social protection.

More than two years after the pandemic began, many people around the world still suffer from the impact on the labor market.

The labor income of the majority of workers has not yet recovered. In 2021, three in five workers lived in countries where labor income did not return to the levels seen in the fourth quarter of 2019.

During the pandemic, the gender gap in working hours also widened. In the first quarter of 2022, the global gender gap in working hours was 0.7 percentage points higher than the pre-crisis benchmarks where large gender gaps already existed.

Women in informal employment are the worst affected. In terms of income group, the largest gender gap in low- and middle-income countries was seen.

From the end of 2021 to the beginning of 2022, the surge in jobs in developed countries has resulted in more jobs available than job seekers and a tighter labor market. But overall, there is no strong evidence that the labor market is generally overheated, given that in many countries there are significant pools of unemployed and underutilized workers.

Boosted by the production and trade turmoil exacerbated by the Ukrainian crisis, rising food and commodity prices have been devastating to poor families and small businesses, especially those in the informal economy.

This report advances the ILO’s Global Call for Action for Human-Centered Recovery and a series of steps in line with the ILO-led UN initiative Global Accelerators for Employment and Social Protection. Explained in detail as a method.

These include the purchasing power of labor income and timely and effective support for maintaining the overall standard of living of workers and their families. Urgent tripartite talks to support appropriate and fair wage adjustments, including minimum wage adjustments, strengthening social protection systems and income support, and providing food security measures as needed.

These include careful adjustments to macroeconomic policies, addressing inflation and debt sustainability-related pressures, while supporting abundant and comprehensive recovery in employment. Support for groups and sectors that have been hit. And by long-term, well-designed sector that promotes the creation of relevant and environmentally friendly jobs, supports sustainability and inclusiveness, and supports enterprises, especially micro, small and medium-sized enterprises. policy.

Fiber2Fashion News Desk (DS)

Global crisis leads to worse labor market recovery: ILO

Source link Global crisis leads to worse labor market recovery: ILO

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