Tuesday, January 20, 2015

Global unemployment to grow

Unemployment will rise by 11 million in the next five years, the UN’s International Labour Organization warned. More than 212 million people will be jobless by 2019 against the current level of 201 million, the said.

"This means the jobs crisis is far from over and there is no place for complacency," ILO head Guy Ryder told reporters.  "The austerity trajectory... in Europe in particular has contributed dramatically to increases in unemployment."

The worst-hit segment globally were those aged between 15 and 24, with the youth unemployment rate touching 13 percent in 2014, almost three times the rate for adults.

"There is massive human waste, suffering and misery stemming out of unemployment," Ryder said

The ILO said the income gap was set to widen, with the richest 10 percent earning 30 to 40 percent of total income, and the poorest 10 percent earning between two and seven percent of total income. Extreme poverty continues to affect one out of 10 workers globally who earn less than $1.50 a day, he added.




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