Kathmandu, Sept. 4
The latest report of the International Labour Organisation
(ILO) has indicated slow progress on key Sustainable Development Goals (SDGs).
In its newly-released World Employment and Social Outlook:
September 2024 Update, the ILO has found upward pressure on inequality as the
labour income share stagnates and a large share of youth remains out of
employment, education or training.
The study reveals that the global labour income share, which
represents the portion of total income earned by workers, fell by 0.6
percentage points from 2019 to 2022 and has since remained flat – compounding a
long-running downward trend. If the share had remained at the same level as in
2004, labour income would be larger by US$2.4 trillion in 2024 alone.
A statement issued by the ILO headquarters in Geneva on
Wednesday maintained that the study highlights the COVID-19 pandemic as a key
driver of this decline, with nearly 40 per cent of the reduction in the labour
income share occurring during the pandemic years of 2020-2022.
The crisis exacerbated existing inequalities, particularly
as capital income continues to concentrate among the wealthiest, undermining
progress towards SDG 10, which aims to reduce inequality within and among
countries.
"Technological advances, including automation, have
played a role in this trend. While these innovations have boosted productivity
and output, the evidence suggests that workers are not sharing equitably from
the resulting gains," read the report.
The report warns that without comprehensive policies to
ensure that the benefits of technological progress are broadly shared, recent
developments in the field of artificial intelligence could deepen inequality,
putting the achievement of the SDGs at risk.
"Countries must take action to counter the risk of
declining labour income share. We need policies that promote an equitable
distribution of economic benefits, including freedom of association, collective
bargaining and effective labour administration, to achieve inclusive growth,
and build a path to sustainable development for all," said Celeste Drake,
ILO Deputy Director-General.
Drawing on the ILO’s recently published Global Employment
Trends for Youth (GET Youth), the study also identifies the large share of
youth outside employment, education and training as a persistent area of
concern. As GET Youth showed, the global rate of youth not in employment,
education or training (NEET) registered only a modest decline from 21.3 per
cent in 2015 to 20.4 per cent in 2024 and is projected to remain flat for the
next two years. The female NEET rate – which stood at 28.2 per cent in 2024 – is
more than double that faced by young men, jeopardizing SDG 8.
Published in The Rising Nepal daily on 5 September 2024.
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