Gloomy jobs prospects likely due to recession- UN report


United States, 1st October: According to latest report by United Nations labor agency, opportunities of growth in jobs are likely to stay gloomy despite recovery in the global economy. 

United States, 1st October: According to latest report by United Nations labor agency, opportunities of growth in jobs are likely to stay gloomy despite recovery in the global economy.

 The study by UN(United Nations) ILO(International Labor Organizations) states that prospects of employed have worsened in several nations.

The report titled-“Work of Work Report 2010- from one crisis to the next” accepts the fact that although the global economy is progressing significantly, especially the Latin American and Asian economies, but, even these economies need around 8 million more jobs in order to reach the pre-recession levels.

And such levels of employment are unlikely to be reached before the year 2015 even in the advanced nations, the study maintains. Earlier, it had been projected that the pre-recession employment level will be reached in 2013.

And those looking for getting new jobs in the labor market will find it more difficult to be employed due to the longer duration of recession in the labor market, the report maintains.

The study found that almost 40 percent of job aspirants have been unemployed for nearly more than a year.

Undoubtedly, this has resulted in several problems including lower self-esteem, demoralization and many mental health issues.

The worst hit by the joblessness due to economic slowdown have been the young people.

According to Director-General of the ILO, Juan Somavia, only fairness can guide us of the present financial crisis. Hence, social and financial stability must join hands to attain social cohesion, added Mr. Somavia.

Based on the data of nearly 150 nations, the key findings of the ILO study are as follows—

• Around 25 nations have witnessed incidents of social unease related to economic and financial crisis including some advanced nations as well.

• Out of 82 nations, lifestyle and standard of living of people of nearly three-quarter nations have declined significantly in the year 2009 over the year 2006.

• Job recovery saw positive growth in the year 2009 but has started showing signs of weakening.

• Out of 83 nations, nearly 46 nations show a decline in the level of job satisfaction among those having jobs.

 

Recommendations by the ILO for employment-led recovery—

1. More active policies for employment market like targeting young people and training them;

2. A direct link between productivity profits and wages in nations to stimulate demand and job creation; and

3. Reform in financial sector to ensure that savings are directed towards creation of stable employment and productive investment.