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Global unemployment may rise to 2.5 million in 2020: ILO report

The International Labor Organization (ILO) has recently released the World Employment and Social Outlook: Trends 2020 ‘. According to the report of the International Labor Organization of the United Nations, global unemployment is estimated to increase by about 2.5 million in 2020. The report says that about 188 million people in the world are unemployed.

According to the report, around half a billion people worldwide do not have the required paid work, that is, they are not getting enough paid work. This report said that global unemployment was stable for the last nine years but as global economic growth is slowing down and the number of workers is increasing, in that proportion new jobs are not being created in the market.

Key facts related to the report

• According to the report, about 188 million people are unemployed and are not getting any work according to their skills and abilities.

According to the report, around 120 million people worldwide have given up their jobs.

• In addition, about 165 million people do not have sufficient income employment. Thus, about 470 million people in the world are troubled by the problem of employment.

• According to the report, with increasing unemployment and inequality continuing, lack of right work has made it even more difficult for people to live better lives through their work.

• The report says that the unemployment rate among educated youth in cities is at the highest level. At the same time, the unemployment rate among the youth of 20 to 24 years is 37 percent.

• It has been said in the report that the means of livelihood are still labor markets for most people worldwide. The labor market output is very uneven, given the similarities of paid work, types and work around the world and their wages.

• It is clear from the report that developed countries are experiencing slow growth. As a result, new jobs are not being created in sufficient quantity to harness the growing labor force.

What is poverty?

According to the International Labor Organization (ILO) report, people with incomes below US $ 3.20 per day are considered as poverty-stricken people. Currently working poverty affects more than 630 million people or one in five people in the working population globally.

Main reasons for rising unemployment

The global economic slowdown is a major cause of rising unemployment in the world. It is affecting global employment generation. Increasing unemployment will affect the income potential of people globally, which will increase income inequality. Poor quality of the workplace and poor dealing with employees is leading to global recession and poor economy. Trade restrictions and increased protectionism can have a significant impact on employment, due to which it is seen as a potential concern.

About International Labor Organization (ILO)

The International Labor Organization makes rules to protect the interests of workers and workers on international grounds. It is a specialized body of the United Nations. The headquarters of this organization is located in Geneva, Switzerland. Presently 187 countries are members of this organization. This organization was awarded the Nobel Prize for World Peace in 1969.