The International Labour Organization’s (ILO) published the World Employment and Social Outlook: Trends 2025 report.
- It provides an in-depth analysis of global labor market trends, highlighting challenges such as slowing economic recovery, persistent youth unemployment, and widening global jobs gaps.
Key Points of the Report
- Global Unemployment Stability:
- The global unemployment rate remained steady at a historical low of 5% in 2024.
- It is projected to maintain this level through 2025, indicating a plateau in job creation.
- Youth Unemployment Concerns:
- Despite overall stability, youth unemployment remains high, with rates of more than 12% for young men and women.
- It reflects systemic barriers to decent employment for younger demographics.
- Economic Growth Slowdown:
- The global economy experienced a slowdown from 3.3% to 3.2% in 2024, with a gradual deceleration expected to limit job creation.
- Policy Recommendations:
- ILO Director-General Gilbert Houngbo emphasizes the need for new approaches to social justice.
- He advocated for investments in education and leveraging migrant remittances to stimulate job creation and development in lower-income countries.
Challenges highlighted by the report
- Geopolitical tensions, the rising costs of climate change and unresolved debt issues are putting labour markets under pressure.
- Around 402.4 million jobs were missing in 2024, an increase of around 2.3 million from the previous year. This includes people who have stopped searching for a job because of discouragement.
- Informal employment and working poverty have reverted to pre-pandemic conditions, with low-income nations encountering the greatest challenges in generating adequate jobs.
- While employment in sub-Saharan Africa is increasing more rapidly than unemployment, a majority of workers are not engaged in productive and decent jobs.
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About ILO (International Labour Organization)
- Headquarters and Establishment: The International Labour Organization (ILO) is headquartered in Geneva, Switzerland
- It was established in 1919 as part of the Treaty of Versailles to promote social justice and improve labor conditions globally.
- Membership: The ILO has 187 member states, including India, which was a founding member. It is the first and only tripartite UN agency, involving representatives from governments, employers, and workers to ensure balanced decision-making.
- Major Conventions: The ILO has adopted 190 conventions, including:
- Convention No. 87 (1948): Freedom of Association and Protection of the Right to Organize.
- Convention No. 98 (1949): Right to Organize and Collective Bargaining.
- Convention No. 138 (1973): Minimum Age for Employment.
- Convention No. 182 (1999): Elimination of the Worst Forms of Child Labor.
- Major Reports:
- World Employment and Social Outlook (WESO): Tracks global employment trends.
- Global Wage Report: Analyzes trends in wages and income inequality.
- ILO Monitor: Examines the impact of crises, such as COVID-19, on labor markets.
- Significance:
- The ILO sets international labor standards, promotes decent work, and supports the implementation of the Sustainable Development Goals (SDGs), particularly Goal 8: Decent Work and Economic Growth.
- It was awarded the Nobel Peace Prize in 1969 for its efforts in promoting peace through social justice.
- Tripartite Structure:
- The ILO operates on a tripartite structure, involving representatives from governments, employers, and workers, ensuring a balanced approach in policy-making and labor governance.
Functions of ILO
- Promotion of Social Justice:
- The ILO works towards achieving social justice by promoting decent work for all.
- Core Labour Standards:
- The ILO sets core labor standards that include the elimination of forced labor, child labor, and discrimination in employment.
- Impact on Global Labor Policies:
- The ILO plays a critical role in shaping global labor policies by producing influential reports, such as the World Employment and Social Outlook.
- Advocacy for Sustainable Employment:
- The ILO advocates for inclusive and sustainable employment policies, emphasizing decent work opportunities for youth, women, and marginalized groups.
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20 Jan 2025
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