The International Labour Organisation has projected that global unemployment would rise slightly by around 3 million to 208 million in 2023.
The United Nations agency also said this would mark a reversal of the decline in global unemployment witnessed between 2020 and 2022.
The ILO, which stated this in a new report, said the current slowdown means that many workers would have to accept lower quality jobs, often at very low pay, sometimes with insufficient hours.
According to the report, as prices rise faster than nominal labour incomes, the cost-of-living crisis risks pushing more people into poverty, including millions who are being pushed below the poverty line.
This trend, the ILO said, comes on top of significant declines in income seen during the COVID-19 crisis, which affected low-income groups worst in many countries.
“As a result, we see a rise in inequality in many parts of the globe, raising the spectre of increasing social tensions,” the ILO said.
The report further noted that there was an emerging understanding that the world must collaborate to address economic, social and environmental concerns on an equal basis.
The report partly read, “Labour standards, employment policies, social protection and social dialogue are more important than ever. Indeed, decent work is central to all of our lives and goes far beyond the workplace. It is the pathway out of poverty and a core element of sustainable development.
“This is why aspects of the ILO’s decent work agenda are also included in many other SDGs: from poverty reduction, food security, health, and inequality, to the range of environmental goals which need just transitions, and the quest for peace, justice and strong institutions.”
The ILO added that combined actions, global and national, are crucial in countries which confront massive decent work deficits and excessive inequalities while their financial resources and institutional capacities were limited.
SOURCE: THE PUNCH
