World Employment and Social Outlook Trends 2024

• The World Employment and Social Outlook Trends 2024 was recently released by International Labour Organisation (ILO).

MAJOR FINDINGS

• Macroeconomic environment deteriorated significantly over 2023.
• Despite slowdown, global growth in 2023 was modestly higher than anticipated.
• Global unemployment rate is set to increase in 2024 while growing social inequalities remain a concern.
• Real wages declined in the majority of G20 countries as wage increases failed to keep pace with inflation.
  • In India, real wages are “positive” compared to other G20 countries.

ABOUT ILO

• It was created in 1919, as part of the Treaty of Versailles that ended World War I.
• In 1946, the ILO became a specialized agency of the newly formed United Nations.
• ILO is the only tripartite UN agency with government, employer, and worker representatives.
• Headquarters- Geneva (Switzerland)
• At present the ILO has 187 Members.
  • India is a founder member of the International Labour Organization.
• ILO has four strategic objectives
  • Promote and realize standards and fundamental principles and rights at work
  • Create greater opportunities for women and men to decent employment and income
  • Enhance the coverage and effectiveness of social protection for all, and
  • Strengthen tripartism and social dialogue
• The three organs of the ILO are
  • International Labour Conferences: – General Assembly of the ILO – Meets every year in the month of June.
  • Governing Body: – Executive Council of the ILO. Meets three times in a year in the months of March, June and November.
  • International Labour Office: – A permanent secretariat.