ILO / GLOBAL LABOUR MARKET

31-Oct-2022 00:02:47
Unemployment and inequality both look set to rise because multiple and overlapping economic and political crises threaten labour market recovery worldwide, according to the latest edition of the International Labour Organization Monitor on the World of Work. ILO
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STORY: ILO / GLOBAL LABOUR MARKET
TRT: 2:47
SOURCE: ILO
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 31 OCTOBER 2022, GENEVA, SWITZERLAND / FILE
SHOTLIST
FILE - GENEVA, SWITZERLAND

1. Wide shots, exterior, ILO headquarters

31 OCTOBER 2022, GENEVA, SWITZERLAND

2. Various shots, ILO studio Houngbo talking
3. Wide shot, ILO studio, Sangheon Lee, Director of the ILO Employment Policy Department, talking
4. SOUNDBITE (English) Gilbert F. Houngbo, Director-General Elect, International Labour Organization (ILO):
“The earlier recovery that we saw at the beginning of the year, post-COVID, is now either stalling or reversing. And in terms of the jobs market, we are talking about the equivalent of 40 million jobs in terms of number of hours worked. So that means that the current crisis, be it the war in Ukraine, be it inflation, be it the energy crisis, all compounded are causing an impact on the job market. What is also worrisome is not just about the number of hours worked; it’s also the quality of the work. We have seen the recovery, if any, is happening more and more in the informal, precarious sector. And obviously, the high skilled job, particularly in I.T., for example, can more easily recover in a very formal setup than the low-skilled jobs. So, the quality is also a problem. My final point is that the global risk of economic downturn, together with the current inflation, it is a problem. Yet the fiscal and monitoring tightening that is happening to control the inflation should not be done in the standalone manner. It has to be integrated with social measures, particularly to protect the most vulnerable and those that have no single social protection plan or scheme. That's why we are calling for an integrated approach. We need the fiscal policy to react to the inflation; let’s be very clear. But it has to also take into account or be done in a human way, also coupled with social measures. For example, the cash transfer or minimum wage, or ensuring at least that the most vulnerable have access to a minimum income for the household. So that compound measure is really necessary for us to face the current situation.”
5. Wide shots, exterior, ILO headquarters
STORYLINE
Unemployment and inequality both look set to rise because multiple and overlapping economic and political crises threaten labour market recovery worldwide, according to the latest edition of the International Labour Organization (ILO) Monitor on the World of Work.

The outlook for global labour markets has worsened in recent months, and on current trends, job vacancies will decline, and global employment growth will deteriorate significantly in the final quarter of 2022, according to a new ILO report.

Rising inflation is causing real wages to fall in many countries. This comes on top of significant declines in income during the COVID-19 crisis, which in many countries affected low-income groups most.

The ILO Monitor on the World of Work (10th edition) finds that worsening labour market conditions are affecting both employment creation and the quality of jobs, pointing out that “there are already data suggesting a sharp labour market slowdown.”

Labour market inequalities will likely increase, contributing to a continued divergence between developed and developing economies.
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