The International Labour Organisation (ILO) has alerted that forced labour in the private economy generates US$ 150 billion in illegal profits per year.
According to a new report from the ILO, this figure represents about three times more than previously estimated. The ILO report, Profits and Poverty: The Economics of Forced Labour, said two thirds of the estimated total of US$ 150 billion, or US$ 99 billion, came from commercial sexual exploitation, while another US$ 51 billion resulted from forced economic exploitation, including domestic work, agriculture and other economic activities.
The International Labour Organisation (ILO) has said that more than 70 per cent of the world population is not adequately covered by social protection, stressing that the unwinding of social security protections in many countries since 2010 has contributed to increased poverty and social exclusion
The disclosure was made during presentation of this year social report theme “World Social Protection Report 2014/15: Building economic recovery, inclusive development and social justice at the 103rd International Labour Conference (ILC) organised by the ILO, in Geneva, Switzerland.