Think global unemployment is stable? A new report from the International Labour Organization (ILO) reveals a more concerning truth. While the global unemployment rate is projected to hold steady at 4.9% (that’s 186 million people!), the real story is about the *quality* of jobs, or lack thereof.
ILO Director-General Gilbert F. Houngbo puts it plainly: “Hundreds of millions of workers remain trapped in poverty, informality, and exclusion.” Imagine nearly 300 million people earning less than US$3 a day. That’s extreme poverty, despite having a job. On top of that, informal jobs – without security, rights, or social protection – are on the rise, set to hit 2.1 billion workers by 2026. This hits low-income countries hardest, pushing their workers further behind.
Young people are also struggling significantly. Youth unemployment soared to 12.4% last year, with a staggering 260 million young individuals not in education, employment, or training (NEET). Artificial intelligence, while exciting, poses a new threat, especially for educated youth seeking high-skill entry jobs. Its full impact is unknown, but worth watching closely.
And women? They continue to face uphill battles due to social norms and stereotypes. Accounting for just two-fifths of global employment, women are 24% less likely than men to be in the workforce, and progress towards gender equality at work has stalled.
So, while the headlines might suggest a calm job market, the reality is far from it. Progress towards decent work has largely ground to a halt, leaving countless individuals in precarious situations worldwide.
Source: https://independent.ng/global-job-quality-stagnates-despite-resilient-growth-report/
