India's new national accounts will leverage new data sources and surveys to enhance the measurement of the country's informal economy, and introduce double deflation methods across sectors, replacing the current system that relies on a single deflation mechanism in Gross Domestic Product (GDP) calculations.
Two years of economic slowdown has pushed the number of people without jobs worldwide to a record 180 million, with little prospect of any improvement in the global employment situation this year: ILO
ILO acts upon a plea by 10 central trade unions objecting to the ordinances proposed to temporarily scrap labour laws in Uttar Pradesh and Gujarat, along with executive orders issued by at least 10 states to increase the daily working limit to 12 hours from eight hours, along with other labour law changes.
Developed country wages failed to keep up with inflation in both 2008 and 2011, but remained about 5 percent above the 2000 level in real terms, the ILO said in its Global Wage Report, published every two years.
Head of the United Nations International Labour Organisation has told the International Monetary Fund and the World Bank to join hands to combat global economic crisis. He said a multilateral consensus, on a wide range of issues ranging from widening income gaps to climate change bringing together rich and poor countries, employers and employees, is needed. IMF forecasts have projected that global growth could drop below the point that is equivalent to a global recession.
It is bad news on the wages front in the wake of global economic meltdown. An International Labour Organisation study says the global economic crisis is expected to lead to 'painful cuts' in the wages of millions of workers worldwide in the coming year.
Somavia ran unopposed to continue his stint as the ninth Director-General in the Geneva-based agency's 89-year history, and will formally begin his new five-year term in March 2009. During his tenure, the ILO witnessed a huge increase in the number of ratifications in labour standards as well as its own adoption of a landmark Declaration on Social Justice for a Fair Globalisation in June of this year.
The ILO said that the world needed 90 million new jobs between 2009 and 2010 in order to absorb new entrants to the labour market and avoid increasing the level of unemployment. Some 200 million people were jobless in 2008, the labour body said. This is up from 179 million in 2007 recorded in a January ILO report 'Global Employment Trends 2009'.
Nearly 25 million jobs could be lost worldwide due to the coronavirus pandemic, but an internationally coordinated policy response can help lower the impact on global unemployment, according to a UN agency. In its preliminary assessment report titled 'COVID-19 and world of work: Impacts and responses', the International Labour Organization (ILO) calls for urgent, large-scale and coordinated measures across three pillars -- protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
Half of the world's youth population are subject to anxiety or depression-causing circumstances, discovers ILO survey.
"Workers and businesses are facing catastrophe, in both developed and developing economies. We have to move fast, decisively, and together. The right, urgent, measures, could make the difference between survival and collapse," ILO Director-General Guy Ryder said on Tuesday. Worldwide, two billion people work in the informal sector (mostly in emerging and developing economies) and are particularly at risk, the report said, adding that the COVID-19 crisis is already affecting tens of millions of informal workers. "In India, Nigeria and Brazil, the number of workers in the informal economy affected by the lockdown and other containment measures is substantial," ILO said.
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