Sunday, June 9, 2013

World’s jobless may reach 208 million in 2015

Around 208 million people will be out of work by 2015, the International Labour Organisation (ILO) has warned. And in order to return to pre-crisis levels, the European Union will need to create six million jobs.

This is described as a major challenge when considering the bleak picture for the global labour market - unemployment will continue to increase and work conditions will continue to deteriorate.

The warning by the ILO was included in its report ‘Repairing the Economic and Social Fabric’ published this Monday.

The main challenge for economies in developed countries is to combine job creation incentives with measures to adjust budgetary imbalances. “It is necessary to find a better balance between employment creation and other macroeconomic objectives in order to achieve a long lasting and inclusive recovery,” stated the ILO report.

Five years after the beginning of the global financial crisis, access to employment has become ever more difficult but has seen some improvement in emerging economies, which are “recovering faster than developed economies”, continued the report.

In 2015, unemployment is expected to affect a total of 208 million people worldwide, which means an extra eight million without a job than the current figure.

In the last five years, long-term unemployment in developed countries has also increased and many of those who are out of a job have given up on finding one, revealed the ILO.

The ILO also highlights that the social fabric continues to be affected by the pervading inequalities found on the global job market, with youngsters and women struggling to find jobs that meet their abilities and aspirations.

The organisation also pointed out that wage inequality among workers in emerging countries is a persistent problem that appears impossible to eradicate.

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