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LATEST NEWS UPDATES | Unemployment touches all-time high of 210 million, says ILO by J Balaji

Unemployment touches all-time high of 210 million, says ILO by J Balaji

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published Published on Nov 9, 2010   modified Modified on Nov 9, 2010


“G20 nations must create 21 million jobs each year over next decade”

Positive employment growth found in all countries in 2010: ILO analysis

But it has not been strong enough to reverse the slack accumulated during economic crisis

Though many countries including India are limping back to normality after facing economic slowdown over the past few years, the unemployment graph is still moving up and has touched an all-time high of 210 million this year, claims the International Labour Organisation (ILO).

In fact, the unemployment figure for 2010 has moved up by 30 million since 2007, when the global meltdown was at its peak, while real wages have sunk an average of 4 per cent below pre-crisis levels, it says.

“Today, rising income inequality and low or no wage growth for a large majority of salaried workers ultimately translates into deficient aggregate demand and current account imbalances,” the ILO analysis says while reminding the G-20 summit, slated for November 11-12 in Seoul, that the participant countries would need to create over the next decade some 21 million jobs each year -- approximately half of the 44 million required globally -- just to keep pace with the increase in working age population.

The ILO has urged the G-20 nations to intensify their focus on “productive employment and job-intensive growth policies” at the summit. ILO Director-General Juan Somavia will be attending the conference.

Though the report found positive employment growth in all the countries in 2010 -- stronger in emerging countries than in high-income economies -- it said this employment growth had not been strong enough to reverse the slack that accumulated in the labour market during the economic crisis.

Some other highlights of the report are: across all countries, unemployment for men has risen more than for women; youth unemployment is on an average twice the rate of total unemployment, at 19 per cent across G-20 countries; reduction in male labour force participation is observed in all regions whereas female labour participation has increased in Europe and emerging economies.

The ILO wants the G-20 to have an income-led approach based on productive employment and job-intensive growth policies that would include higher investments and access to credit, greater attention to small enterprises, gradual expansion of basic social protection in all the countries, real wages rising in line with productivity increase and better protection of low wage earners through secured minimum wages.


The Hindu, 10 November, 2010, http://www.hindu.com/2010/11/10/stories/2010111060530500.htm


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