World Employment and Social Outlook: Trends 2024 report 2024

The “World Employment and Social Outlook: Trends 2024 report”, was recently released by the International Labour Organisation’s (ILO).

About the World Employment and Social Outlook Report (WESO):

• The WESO Report aims to provide policymakers, academics, and the public with insights into global labour market conditions, emerging challenges, and trends in social and economic development.
• It is published by the International Labour Organization (ILO).
• It includes information on employment rates, unemployment rates, underemployment, income inequality, and social issues related to the world of work.
• It may also cover specific topics such as youth employment, gender disparities, and the impact of technological advancements on jobs.

Key highlights of the report:

Global conditions:

• China, Türkiye, and Brazil experienced substantial slowdowns, affecting global industrial activity, investment, and trade.
• Labor markets showed resilience with improved unemployment rates and jobs gap.
• In 2023, the number of workers in extreme poverty increased by about one million globally.
• As cyclical factors diminish, structural issues in labour market adjustment became more crucial.
• Job retention schemes were crucial in preventing the loss of valuable experience and skills.

Wage Trends (2023):

• Real wages declined in the majority of G20 countries due to failure to keep pace with inflation.
• China, the Russian Federation, India, Türkiye and Mexico reported positive real wage growth.

Macroeconomic Environment (2023):

• Geopolitical tensions and widespread inflation have triggered aggressive moves by central banks.
• Advanced and emerging economies witnessed the fastest increase in interest rates since the 1980s.

Global Unemployment Forecast (2024):

• Despite falling below pre-pandemic levels, global unemployment is expected to rise in 2024.
• Joblessness and the jobs gap have improved but they still remain cause of concern.

About the International Labour Organization (ILO):

• The International Labour Organization (ILO) is a specialized agency of the United Nations that deals with labour-related issues and the promotes social justice globally.
• It was established in 1919 as part of the Treaty of Versailles that ended the World War I.
• It is headquartered in Geneva, Switzerland.
• It is the only tripartite UN agency, bringing together governments, employers, and workers from its member states.
• It is a part of the United Nations Development Group (UNDG).
• It has 187 state members, with India being one of the founding members of the ILO.
• In 1969, the ILO received the Nobel Peace Prize for improving fraternity and peace among nations.

Objectives and functions:

• Its primary goal is to promote social justice and internationally recognized human and labour rights.
• It sets international labour standards through the adoption of conventions and recommendations.
  • Conventions are legally binding treaties, while recommendations provide non–binding guidelines.
  • Member countries are encouraged to ratify and implement these standards to ensure fair and humane working conditions.
• It promotes the Decent Work Agenda, which aims to ensure that all men and women have access to productive and decent work in conditions of freedom, equity, security, and human dignity.

Core Labor Standards:

• The ILO focuses on 4 fundamental principles and rights at work, known as the “core labor standards” that are-
  • Freedom of association and the effective recognition of the right to collective bargaining.
  • Elimination of forced or compulsory labour.
  • Abolition of child labour.
  • Elimination of discrimination in respect of employment and occupation.

Structure:

• 3 main bodies-
  • The International Labour Conference, which meets annually to formulate international labour standards.
  • The Governing Body, which serves as the executive council and decides the agency’s policy and budget.

The International Labour Office, the permanentsecretariat that administers the organization and implements activities

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