What are the key challenges in the global labor market, as identified by the ILO
Highlight the structural imbalances in the global labor market, as pointed out by the International Labour Organization (ILO).
The International Labour Organization (ILO) has identified several key challenges and structural imbalances in the global labor market. These include:
- Unemployment: High unemployment rates persist in many countries, particularly among youth and women.
- Informal Employment: A significant portion of the global workforce is engaged in informal employment, lacking access to social protection and formal decent working conditions.
- Inequality: There is a growing disparity in income and wealth distribution, which exacerbates social and economic inequality.
- Underemployment: Many workers find themselves in jobs that do not fully utilize their skills, leading to underemployment and reduced productivity.
- Precarious Work: Workers are increasingly engaged in non-standard forms of employment, such as temporary or part-time work, with lower wages and limited job security.
- Migration: Labor migration patterns present challenges, including exploitation and discrimination of migrant workers, as well as brain drain in countries experiencing high emigration rates.
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