ILO warns of new global jobs crisis
The International Labour Organisation (ILO) Monday warned of the emergence of a global jobs crisis, noting that around 50 million jobs that were lost during the financial crisis are still missing today.
Despite signs that economic growth has resumed in some regions, the global employment situation is alarming and shows no sign of recovery in the near future, the ILO said in a report entitled "World of Work Report 2012: Better Jobs for a Better Economy".
The report attributed the fact to factors including the fiscal austerity policy and tough labour market reforms carried out by many governments, especially in advanced economies; loss of confidence as well as skills of jobseekers; non-standard forms of employment which are on the rise; and aggravated social climate which may lead to further social unrest.
Youth unemployment rates have increased in about 80 percent of advanced countries and in two-thirds of developing countries, reported Xinhua.
On an average, more than 40 percent of jobseekers in advanced economies have been without work for more than a year, while the majority of developing economies show a decline in both long-term unemployment and inactivity rates.
Involuntary part-time employment has increased in two-thirds of advanced economies and temporary employment has also risen in more than half of these economies, while the share of informal employment stands at more than 40 percent in two-thirds of emerging and developing countries, according to the report.
It said that in developed countries, especially in Europe, job recovery is not expected before the end of 2016, unless there is a dramatic shift in policy direction.
If a job-friendly policy-mix of taxation, increased expenditure in public investment and social benefits is put in place, approximately two million jobs could be created over the next year in advanced economies, it added.
Source: Banking Industry News.Net
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