What’s in the news?
- The International Labour Organisation (ILO) has released its ninth edition of the ILO Monitor.
Highlights of the Report
- The report noted that the “world of work” is being buffeted by multiple crises.
- After significant gains during the last quarter of 2021, the number of hours worked globally dropped in the first quarter of 2022, to 3.8% below the employment situation before the pandemic.
- About 11.2 crore jobs might have lost between this period.
- Both India and lower-middle-income countries excluding India experienced a deterioration of the gender gap in work hours in the second quarter of 2020.
- However, because the initial level of hours worked by women in India was very low, the reduction in hours worked by women in India has only a weak influence on the aggregate for lower-middle-income countries. In contrast, the reduction in hours worked by men in India has a large impact on the aggregates.
- Hence, the pandemic seems to have exacerbated the already substantial gender imbalances in employment participation in the country.
- The fresh lockdowns in China, the conflict between Ukraine and Russia, and the global rise in the prices of food and fuel are cited as the main reasons for the findings.
- The ILO urged its member countries to take a humane approach to address the situation. Financial turbulence, potential debt distress and global supply chain disruption points at a growing risk of a further deterioration in hours worked in 2022, as well as a broader impact on global labour markets in the months to come.