Global labour income share declines putting upward pressure on inequality, SDG targets not on track
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Global labour income share declines putting upward pressure on inequality, SDG targets not on track
GENEVA (ILO News) – In its newly-released World Employment and Social Outlook: September 2024 Update, the International Labour Organization (ILO) finds upward pressure on inequality as the labour income share stagnates and a large share of youth remains out of employment, education or training.
The report indicates slow progress on key Sustainable Development Goals (SDGs) as the 2030 deadline approaches. The study reveals that the global labour income share, which represents the portion of total income earned by workers, fell by 0.6 percentage points from 2019 to 2022 and has since remained flat – compounding a long-running downward trend. If the share had remained at the same level as in 2004, labour income would be larger by US$2.4 trillion in 2024 alone.
Link to the press release: https://www.ilo.org/resource/news/global-labour-income-share-declines-putting-upward-pressure-inequality-sdg
ILO report link: https://www.ilo.org/publications/flagship-reports/world-employment-and-social-outlook-september-2024-update
The report indicates slow progress on key Sustainable Development Goals (SDGs) as the 2030 deadline approaches. The study reveals that the global labour income share, which represents the portion of total income earned by workers, fell by 0.6 percentage points from 2019 to 2022 and has since remained flat – compounding a long-running downward trend. If the share had remained at the same level as in 2004, labour income would be larger by US$2.4 trillion in 2024 alone.
Link to the press release: https://www.ilo.org/resource/news/global-labour-income-share-declines-putting-upward-pressure-inequality-sdg
ILO report link: https://www.ilo.org/publications/flagship-reports/world-employment-and-social-outlook-september-2024-update
Teleprompter
If countries are committed
to achieving the sustainable development goals,
if they are committed
to advancing social justice and addressing inequality,
they can change these trends and they can do that through
specific policies designed to promote greater equality
and a greater labour income share,
and those things include
universal social.
Actions we know those work to address inequalities
um good minimum wage
policies
um policies that advance
freedom of association and the effective recognition of
collective bargaining so that workers and employers can negotiate
how to share those productivity gains that Steven just addressed
and also
effective labour.
so that the policies in place for
minimum wages and the right to freedom of association
and collective bargaining and all of these other things,
those laws are effectively implemented,
they're effectively enforced
and they really set guard rails around
labour markets so that workers can share fairly
from the gains that they are helping to create.
Our new report shows that there has been a
long-term global decline in the labour income share.
Two decades
occurred during the 3 years of the COVID-19.
Indeed,
the latest data show that the world is also off track regarding the goal to reduce
the NEA rate.
In terms of revenue for employees that
The share goes down,
uh what what other.
We have a
uh robust methodology for that.
If you have a higher share,
a very high share of self-employment.
Global labour income share,
which is the proportion of total global income that goes to workers,
is shrinking,
and this means that even as workers contribute
to a growing global economy,
they're taking home
a smaller share of that growth.
This needs to be changed because it's increasing inequality
which will have a disproportionate effect
on working people.