Latest news with #InternationalLabourOrganisation
Fibre2Fashion
19 hours ago
- Business
- Fibre2Fashion
ILO cuts projection in 2025 global employment growth from 1.7% to 1.5%
The International Labour Organisation (ILO) recently revised its global employment forecast for 2025, projecting the creation of 53 million jobs instead of 60 million estimated earlier. This translates into a reduction in global employment growth from 1.7 per cent to 1.5 per cent this year. ILO recently revised its global employment forecast for 2025, projecting the creation of 53 million jobs instead of 60 million estimated earlier, translating into a reduction in global employment growth from 1.7 per cent to 1.5 per cent. Nearly 84 million jobs across 71 countries tied to US consumer demand are now increasingly at risk of disruption due to elevated trade tensions, ILO said. The drop—the equivalent of around 7 million fewer additional jobs—reflects a downgraded global economic outlook, as gross domestic product (GDP) growth is expected at 2.8 per cent—down from a previous projection of 3.2 per cent. ILO's latest employment estimates, issued in its new World Employment and Social Outlook (WESO) Update, are based on economic growth projections from the recently released International Monetary Fund's (IMF) April 2025 World Economic Outlook. In addition, the ILO estimates that close to 84 million jobs across 71 countries are directly or indirectly tied to US consumer demand. These jobs—and the incomes they support—are now increasingly at risk of disruption due to elevated trade tensions, an ILO release said. The Asia-Pacific region is where most of these jobs—56 million—are concentrated. Canada and Mexico, however, have the highest share of jobs—17.1 per cent—that are exposed. 'We know that the global economy is growing at a slower pace than we had anticipated it would. Our report now tells us that if geopolitical tensions and trade disruptions continue, and if we do not address fundamental questions that are reshaping the world of work, then they will most certainly have negative ripple effects on labour markets worldwide,' said ILO director general Gilbert F Houngbo. The report also highlights troubling trends in income distribution. The labour income share—which is the proportion of GDP going to workers—fell globally from 53 per cent in 2014 to 52.4 per cent in 2024. Africa and the Americas saw the largest declines. Had this share remained unchanged, labour income globally would have been $1 trillion higher in 2024, or $290 more per worker in constant purchasing power terms. This erosion in the share of global income going to workers puts upward pressure on inequality and highlights a disconnect between economic growth and worker compensation, ILO noted. The report points to a shift in employment towards high-skilled jobs. Women are leading this trend. Between 2013 and 2023, the share of women employed in high-skilled occupations rose from 21.2 to 23.2 per cent, while the proportion of men in high-skilled occupations was around 18 per cent in 2023. Yet occupational segregation persists, with women underrepresented in sectors such as construction and overrepresented in clerical and caregiving roles. And while educational attainment continues to rise worldwide, the labour market remains characterised by significant educational mismatches, ILO said. The report also addresses the effects of new technologies on the world of work. It finds that nearly one in four workers may find their jobs transformed by generative artificial intelligence (AI). Fibre2Fashion News Desk (DS)
Express Tribune
3 days ago
- Business
- Express Tribune
ILO slashes 2025 job forecast by 7 million
Listen to article The International Labour Organisation (ILO) has downgraded its global employment forecast for 2025, projecting 53 million new jobs instead of 60 million. This revision lowers expected employment growth from 1.7% to 1.5%, reflecting a weakening global economic outlook. The ILO's latest World Employment and Social Outlook (WESO) Update is based on the International Monetary Fund (IMF)'s April 2025 World Economic Outlook, which now anticipates global GDP growth at 2.8%, down from 3.2%. The report estimates that 84 million jobs across 71 countries are tied to US consumer demand. These jobs are increasingly vulnerable due to intensifying trade tensions, especially in the Asia-Pacific, which holds 56 million of them. Canada and Mexico face the highest exposure, with 17.1% of their jobs linked to the US. ILO Director-General Gilbert F Houngbo warned of potential ripple effects if geopolitical tensions persist. The report also reveals a decline in labour's share of global income — from 53.0% in 2014 to 52.4% in 2024 — resulting in a $1 trillion loss in worker earnings.
News18
3 days ago
- Business
- News18
Why Apple Is Sticking With India Despite Trump's Tariff Threats
Last Updated: India's not just a factory for Apple; it's a goldmine for sales. With 600 million smartphone users and counting, India is the world's second-largest market Donald Trump is back in the White House, and he's got Apple in his sights. The US President, now in his second term, has been crystal clear: he wants iPhone production back in the US. He has even threatened a 25 per cent tariff on iPhones assembled in India, reportedly warning Apple CEO Tim Cook directly. You'd think that kind of pressure would have Apple scrambling to relocate factories stateside. But they're not. Instead, Apple is doubling down on India, pouring billions into manufacturing there. Why? It combines shrewd geopolitics, cold, hard economics, and a long-term wager that India's benefits outweigh Trump's tariff threats. Compared to the United States, manufacturing iPhones in India is incredibly affordable. The International Labour Organisation estimates that a factory worker in India makes around $230 per month. In California, a similar worker earns around $2,900 a month. That's a twelve-fold difference. Even if Trump imposes a 25 per cent tariff on iPhones coming from India, the maths still favour staying put. The cost of labour, combined with other expenses like land and utilities, makes US manufacturing a tough sell. The government of India is practically rolling out the red carpet for Apple. Through its Production-Linked Incentive (PLI) scheme, India offers cash incentives—up to 6 per cent of the value of goods produced—for companies that boost local manufacturing. For Apple, that means millions in savings annually. Since 2021, when the PLI programme kicked in, Apple's partners like Foxconn and Pegatron have ramped up production, churning out $14 billion worth of iPhones in India last year alone, according to India's Ministry of Commerce. That's a 100 per cent jump from 2022. The government is also streamlining regulations and offering tax breaks, making it easier for Apple to expand factories in places like Tamil Nadu and Karnataka. But it's not just about dollars and cents. Apple is playing a bigger game. For years, the company leaned heavily on China for manufacturing—over 90 per cent of iPhones were made there as recently as 2019. Then came the US-China trade wars, Covid supply chain chaos, and Beijing's tightening grip on foreign businesses. Apple realised it couldn't keep all its eggs in one basket. India, with its 1.4 billion people and growing middle class, was the obvious pivot. By 2025, Apple aims to produce 25 per cent of its iPhones in India, up from 14 per cent now, according to JPMorgan analysts. That's not just cost-cutting—it's risk management. If tensions flare with China, Apple has got a fallback. Trump's tariff threats complicate things, but they don't change the calculus. Moving production to the US sounds patriotic, but it's a logistical nightmare. The US lacks the skilled workforce and supply chain infrastructure that India has built up. India has the ecosystem—component makers, assembly lines, and a government that's hungry for investment. Plus, Apple's not starting from scratch. Foxconn's Chennai plant, one of Apple's biggest, employs 40,000 workers and produces iPhone 16 Pro models—high-end stuff that used to be China-only. There's also the market angle. India's not just a factory for Apple; it's a goldmine for sales. With 600 million smartphone users and counting, India is the world's second-largest market. Apple's iPhone sales there grew 50 per cent year-on-year in 2024, hitting $8 billion, according to Counterpoint. Local production keeps prices competitive by dodging import duties, which can add 20 per cent to a phone's cost. If Apple moved manufacturing back to the US, it would face higher production costs and lose ground in India's booming market. That's a double whammy no CEO would sign up for. Geopolitics seals the deal. Trump's tariffs are a headache, but they're not unique. The US has slapped duties on Chinese goods for years, and India is less likely to end up in a trade war with Washington. Plus, India is cosying up to the US as a counterweight to China, which gives Apple diplomatic cover. Apple is doubling down on India as a strategic manufacturing base, betting on its cost efficiency and geopolitical alignment with the US amid rising trade tensions. This isn't just about dodging tariffs on Chinese goods—India's skilled workforce, government incentives like the PLI scheme, and growing consumer market make it a pragmatic long-term play. Plus, aligning with a US-friendly partner helps Apple navigate an era of fractured global trade. So, why is Apple sticking with India? It's cheaper, it's strategic, and it's a hedge against a volatile world. Trump can tweet and threaten all he wants, but Apple is playing chess while he's playing chequers. The numbers don't lie, and neither does the map. India is where the future is built—one iPhone at a time. First Published: May 28, 2025, 18:50 IST
The Sun
4 days ago
- Business
- The Sun
ILO, ASEAN sec-gen praise Sim's leadership in skills development
KUALA LUMPUR: Human Resource Minister Steven Sim Chee Keong has received high praise from the International Labour Organisation (ILO) and ASEAN secretary-general Dr Kao Kim Hourn for his visionary leadership in advancing skills development and human capital investment across the region. Ministry of Human Resources (KESUMA) in a statement said the recognition comes as Malaysia, under its ASEAN Chairmanship hosted the ASEAN Human Capital Development Investment Symposium (AHCDIS), here today. According to the statement, Kao praised Malaysia's commitment, expressing his appreciation to the ministry and the Human Resource Development Corporation (HRD Corp) for their visionary leadership in launching the ASEAN Year of Skills 2025 (AYOS 2025) as a flagship initiative under Malaysia's ASEAN chairmanship. 'This symposium provides a timely and meaningful platform to reaffirm our collective commitment to investing in our people, the true architects of ASEAN's growth and the foundation of ASEAN's resilience and progress,' Kao said. The symposium brought together around 300 key stakeholders from across ASEAN to discuss strategic investments in skills and human capital development. Themed 'Investment in Human Capital, Sustainable Financing, Public-Private Partnerships and Social Inclusion', the event is a flagship platform under the AYOS 2025, which aims to bridge skills gaps, foster talent mobility and promote inclusive growth throughout the region. AYOS 2025, led by KESUMA, features seven flagship events, including the AHCDIS and the National Training Week (NTW), both designed to drive collaboration, knowledge sharing and innovation across the region. These efforts align with Malaysia's broader vision to position ASEAN as a global leader in skilled talent and sustainable development. Malaysia's ASEAN Chairmanship in 2025 marks a pivotal moment for the country and the region. As Chair, Malaysia is leading a year-long series of initiatives and high-level meetings focused on inclusivity, sustainability, and regional cooperation.
Yahoo
6 days ago
- Business
- Yahoo
AI Is Replacing Women's Jobs Specifically
With under three years of mass-market artificial intelligence available to consumers, businesses in nearly every industry have flocked to the tech like antivaxxers to a multi-level marketing scheme. By 2024, more than 50 percent of companies with more than 5,000 employees were using AI. For the penny-pinching boss, AI represents the promise of rising productivity and lower overhead cost — also known as wages, which were traditionally paid to pesky human employees. Now, though, as workers around the world grow anxious at the idea of an AI future dominated by a few massive tech monopolies, the race to AI adoption is already having a noticeable effect on job markets. Thanks to AI, the number of young college grads entering the workforce hit an all-time low, full-time salary jobs are becoming gigified, and lying on resumes is now the norm as the job search becomes a nightmarish hell. Though rich tech tycoons like Marc Andreessen would have you believe that tech gadgetry has a magical power to free us all, history has shown us that technological development often sharpens existing inequalities instead of the other way around. (That trend has been observed by scholars ranging from Albert Einstein to Stephen Hawking, well before mass-market AI hit the scene.) Indeed, AI has already shown a surprising amount of gender and race bias thanks to the data it's trained on, and experts warn that this combination of prejudiced software with a massive global rollout is already driving exploitation. As such, it's no surprise that AI is likely to increase the gender gap in employment, according to an updated report from the United Nations' International Labour Organisation (ILO.) The report builds on estimates made in 2023 on the automation risk facing different jobs thanks to AI. The new analysis found that in high-income countries like the US, women's risk for "high automation potential" rose to 9.6 percent, up from 7.8 just two years ago. That's three times the risk faced by men today at 3.5 percent, which also rose from 2.9 percent in 2023. Interestingly, the study also found that one in three workers in rich countries face "some degree of exposure" to automation, compared to the world average of one in four. The ILO report also points out that the nature of jobs frequently held by women in wealthy nations — like administrative, clerical, and data entry roles — are primed for automation by AI. Sociologists have noted that the gender gap in labor hours worked has narrowed significantly in recent years — meaning men and women work close to the same quantity of hours. However, the gender pay gap still persists as women's share of work goes less toward jobs and more into household tasks compared to men. With AI supposedly poised to "revolutionize work," it will take substantial change in our current labor environment to safeguard women from AI-driven austerity. More on AI: Executives Are Pouring Money Into AI. So Why Are They Saying It's Not Paying Off?
