World Employment and Social Outlook Trends 2020 (WESO) report:ILO

News:The United Nations International Labour Organization(ILO) has released the World Employment and Social Outlook Trends 2020 (WESO) report.

Facts:

About the report:

• The report analyses key labour market issues, including unemployment, labour underutilisation, working poverty, income inequality, labour income share and factors that exclude people from decent work.

Key findings of the report:

• The number of people unemployed around the world stands at some 188 million in 2019.This is projected to increase further by around 2.5 million in 2020.
• Around 267 million young people aged 15-24 are not in employment, education or training and many more endure substandard working conditions.
• Around 285 million are considered underemployed meaning they either work less than they want to or have given up searching for work or otherwise lack access to the labour market.
• The percentage of the global workforce who work in the informal economy are around 60%.
• Around 630 million people in 2019 have lived in working poverty meaning they made less than $3.20 per day in purchasing power parity.

Recommendations for reducing unemployment:

• The report has suggested that countries should ensure that economic growth and development occurs in a way that leads to the reduction of poverty and better working conditions.
• It has also recommended for structural transformation, technological upgrading and diversification in global as well as national economies.

Additional information:

About ILO:

• The International Labour Organization (ILO) was founded in 1919 to promote social justice and thereby contribute to universal and lasting peace.
• It is responsible for drawing up and overseeing international labour standards.
• It is the only tripartite United Nations agency that brings together representatives of governments, employers and workers to jointly shape policies and programmes promoting decent work for all.
• The six conventions of ILO which have been ratified by India are (a) Forced Labour Convention (b) Abolition of Forced Labour Convention (c)Equal Remuneration Convention (d) Discrimination (Employment Occupation) Convention (e) Minimum Age Convention and (f) Worst forms of Child Labour Convention.
• The other two conventions namely (a) Freedom of Association and Protection of the Right to Organised Convention (b) Right to Organise and Collective Bargaining Convention has not been ratified by India.