Rising concerns about unemployment in the world and the significant role of the International Labor | RBI Grade B Phase 1 Preparation - Bank Exams PDF Download

Rising concerns about unemployment in the world and the significant role of the International Labor Organization to protect the unorganized labor sector

Unemployment is one of the five major problems that any country in the world faces. India is no different. The unemployment rate in India before COVID ie; in 2018-19 fell to 5.8% as compared to 6.1% in 2017-18. The year 2019 brought with it an unprecedented health crisis, which sank the world into a deep economic crisis. India, which has a major portion of its population of youngsters, is also bearing the brunt as the unemployment rate has risen to 10.3% at present. The reasons for unemployment can be numerous, but the severe health crisis has become an undebated leader amongst them. As per the International Labor Organization, 61% of the world population is working in the informal sector, or the unorganized labor market that has been affected due to the lockdowns. That is a good 2 billion people globally. The same report also shows that 93 per cent of the world’s informal employment is in emerging and developing countries.
Broadly speaking, the low-skilled, young, and informal employees are hurt hardest by crises. It is very necessary to give the unorganised sector an organised structure where the employees can enjoy job security and other benefits so that they are encouraged to increase their literacy and skill levels. People who depend on one source of income due to their restricted skills and qualifications have suffered the most, it can be seen, especially in the wake of the pandemic. International coordination on stimulus packages and debt relief measures will also be critical to making the recovery effective and sustainable. Job creation should be a priority, but a simultaneous focus on jobs that training, reskilling and upskilling with work has become an urgent need as many youngsters are forced to work in the present conditions. But, if this happens at the cost of education, the world is again back to square one. Last but not the least, investing in youth entrepreneurship and self- employment is also an area that can do wonders.