ILO World Employment and Social Outlook: May 2024 Update

The International Labour Organization (ILO) recently released its "World Employment and Social Outlook: May 2024 Update," providing insights into global labour market trends and projections.
Published on 29 May 2024, it stresses the need for inclusive policies and sustainable and inclusive growth to address labour market inequalities.
It reports on modest improvements in unemployment levels, but also highlights persistent inequalities, particularly for women in low-income countries.

The ILO report projects that the global unemployment rate will stand at 4.9 per cent in 2024, a slight decrease from 5.0 per cent in 2023 and a revision from the previous estimate of 5.2 per cent. Despite this modest decline, the report indicates that the downward trend will stabilise in 2025, maintaining the unemployment rate at 4.9 per cent. This stagnation highlights the ongoing challenges in fully addressing employment deficits worldwide.

Moreover, a critical issue is the substantial 'jobs gap.' In 2024, approximately 402 million individuals globally will be without a job but seeking employment. This figure includes 183 million people officially counted as unemployed. The remaining individuals represent a significant underutilisation of the labour force, particularly in developing countries and among women.

The report clearly highlights gender disparities in employment opportunities and earnings. In 2024, 45.6 per cent of women of working age, are employed compared to 69.2 per cent of men. This 23.6 percentage point gap is primarily attributed to family responsibilities, which disproportionately impact women's ability to participate in the labour market. Women continue to bear a significant share of unpaid care work, further exacerbating gender employment gaps.

The report also discloses that womens’ earnings are substantially lower than men's. In high-income countries, women earn 73 cents for every dollar men earn. This disparity is even more pronounced in low-income countries, where women earn just 44 cents to the dollar.

Despite economic growth, progress in reducing poverty and informality has slowed since 2015, when the 2030 Agenda for Sustainable Development was adopted. The number of workers in informal employment has increased from approximately 1.7 billion in 2005 to 2.0 billion in 2024. This trend underscores the need for policies that focus on economic growth and creating sustainable and inclusive labour markets.

To address these challenges, the ILO concludes that to achieve Agenda2030, a comprehensive approach that incorporates social dialogue at all levels is required. This approach should promote inclusive, equitable, and effective public policies that address societal needs and uphold human dignity for all.