Latest news with #InternationalLabourOrganization
Yahoo
3 days ago
- Business
- Yahoo
America's trade war could mean 7 million fewer jobs across the world, U.N. says
International growth is slowing, fewer new jobs will be created, and the global income gap is rising — largely because of elevated trade tension spearheaded by U.S. President Donald Trump. That's according to the International Labour Organization (ILO), a UN agency, whose new report is based on the IMF's April 2025 'World Economic Outlook.' The IMF also singled out new tariffs and a 'highly unpredictable environment.' '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 in a release accompanying the report. The ILO had previously anticipated 60 million new jobs being created in 2025; that has been downgraded to 53 million. Global GDP growth is expected to slow 0.4%. The ILO says that 84 million jobs in 71 countries are tied to U.S. consumer demand; most of those jobs are in the Asia-Pacific region, but Canada and Mexico are in particular danger, with 17.1% of their job markets exposed to uncertainty due to U.S. policy. Meanwhile, the proportion of GDP going to global workers, known as the labour income share, fell 0.6% in 2024. Income inequality could get much worse soon: High-skilled occupations are at risk of being displaced by generative AI, reports the ILO. Some good news: More women are working in high-skilled occupations, up two percentage points between 2013 and 2023 to 23.3%. Houngbo said the overall economic numbers are 'sobering, but they can also act as a roadmap for the creation of decent jobs,' advising countries to focus on 'strengthening social protection, investing in skills development, promoting social dialogue, and building inclusive labour markets to ensure that technological change benefits all. 'And we must do so with urgency, ambition, and solidarity,' he concluded. For the latest news, Facebook, Twitter and Instagram.
Business Times
3 days ago
- Business
- Business Times
More than 200 jobs cut at International Labour Organization as US slashes funding
[GENEVA] The Geneva-based International Labour Organization has axed about 225 jobs due to cutbacks in US funding at the United Nations agency, its head said on Wednesday (May 28). The job losses, which affect posts at the ILO's Geneva headquarters and in the field, follow the US administration's decision to reduce voluntary contributions under President Donald Trump, ILO Director-General Gilbert F Houngbo said. 'One job loss is too many ... You would not imagine the mood that has generated within my staff,' he told reporters in Geneva. The ILO head also raised the possibility of relocating some of the agency's operations out of Geneva, one of the world's most expensive cities, to ease financial pressures, which is also part of broader talks on reform. Potential locations could be European cities such as Turin, Budapest, or Bonn, or further afield in places including Doha and Pretoria, Houngbo said. Short-term contractors and employees at some other UN agencies like the International Organization for Migration have already been informed of redundancies. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up But thousands more job losses could be on the way as international agencies grapple with funding shortages due to the withdrawal of aid by the Trump administration and other donors. 'The US is the top contributor for assessed and voluntary contribution, so our challenge is double,' Houngbo said, highlighting also a broader pullback in financial support among member states. The US accounts for 22 per cent of the ILO's US$880 million two-year budget for 2026-2027, expected to be approved at the ILO's International Labour Conference next week. 'Worst case scenario, we may have to consider a revised budget. I don't recall the last time that happened to the ILO,' Houngbo said. He said he is developing a business continuity plan in case of further cuts to financial support, and that the ILO will be implementing a freeze on external recruitment, as well as launching a voluntary redundancy programme. REUTERS
Yahoo
3 days ago
- Business
- Yahoo
More than 200 jobs cut at International Labour Organization as US slashes funding
By Olivia Le Poidevin GENEVA (Reuters) - The Geneva-based International Labour Organization (ILO) has axed about 225 jobs due to cutbacks in U.S. funding at the United Nations agency, its head said on Wednesday. The job losses, which affect posts at the ILO's Geneva headquarters and in the field, follow the U.S. administration's decision to reduce voluntary contributions under President Donald Trump, ILO Director-General Gilbert F. Houngbo said. "One job loss is too many ... You would not imagine the mood that has generated within my staff," he told reporters in Geneva. The ILO head also raised the possibility of relocating some of the agency's operations out of Geneva, one of the world's most expensive cities, to ease financial pressures, which is also part of broader talks on reform. Potential locations could be European cities such as Turin, Budapest, or Bonn, or further afield in places including Doha and Pretoria, Houngbo said. Short-term contractors and employees at some other U.N. agencies like the International Organization for Migration have already been informed of redundancies. But thousands more job losses could be on the way as international agencies grapple with funding shortages due to the withdrawal of aid by the Trump administration and other donors. "The U.S. is the top contributor for assessed and voluntary contribution, so our challenge is double," Houngbo said, highlighting also a broader pullback in financial support among member states. The U.S. accounts for 22% of the ILO's $880 million two-year budget for 2026-2027, expected to be approved at the ILO's International Labour Conference next week. "Worst case scenario, we may have to consider a revised budget. I don't recall the last time that happened to the ILO," Houngbo said. He said he is developing a business continuity plan in case of further cuts to financial support, and that the ILO will be implementing a freeze on external recruitment, as well as launching a voluntary redundancy programme.
Reuters
3 days ago
- Business
- Reuters
More than 200 jobs cut at International Labour Organization as US slashes funding
GENEVA, May 28 (Reuters) - The Geneva-based International Labour Organization (ILO) has axed about 225 jobs due to cutbacks in U.S. funding at the United Nations agency, its head said on Wednesday. The job losses, which affect posts at the ILO's Geneva headquarters and in the field, follow the U.S. administration's decision to reduce voluntary contributions under President Donald Trump, ILO Director-General Gilbert F. Houngbo said. "One job loss is too many ... You would not imagine the mood that has generated within my staff," he told reporters in Geneva. The ILO head also raised the possibility of relocating some of the agency's operations out of Geneva, one of the world's most expensive cities, to ease financial pressures, which is also part of broader talks on reform. Potential locations could be European cities such as Turin, Budapest, or Bonn, or further afield in places including Doha and Pretoria, Houngbo said. Short-term contractors and employees at some other U.N. agencies like the International Organization for Migration have already been informed of redundancies. But thousands more job losses could be on the way as international agencies grapple with funding shortages due to the withdrawal of aid by the Trump administration and other donors. "The U.S. is the top contributor for assessed and voluntary contribution, so our challenge is double," Houngbo said, highlighting also a broader pullback in financial support among member states. The U.S. accounts for 22% of the ILO's $880 million two-year budget for 2026-2027, expected to be approved at the ILO's International Labour Conference next week. "Worst case scenario, we may have to consider a revised budget. I don't recall the last time that happened to the ILO," Houngbo said. He said he is developing a business continuity plan in case of further cuts to financial support, and that the ILO will be implementing a freeze on external recruitment, as well as launching a voluntary redundancy programme.
Straits Times
3 days ago
- Business
- Straits Times
More than 200 jobs cut at International Labour Organization as US slashes funding
More than 200 jobs cut at International Labour Organization as US slashes funding GENEVA - The Geneva-based International Labour Organization (ILO) has axed about 225 jobs due to cutbacks in U.S. funding at the United Nations agency, its head said on Wednesday. The job losses, which affect posts at the ILO's Geneva headquarters and in the field, follow the U.S. administration's decision to reduce voluntary contributions under President Donald Trump, ILO Director-General Gilbert F. Houngbo said. "One job loss is too many ... You would not imagine the mood that has generated within my staff," he told reporters in Geneva. The ILO head also raised the possibility of relocating some of the agency's operations out of Geneva, one of the world's most expensive cities, to ease financial pressures, which is also part of broader talks on reform. Potential locations could be European cities such as Turin, Budapest, or Bonn, or further afield in places including Doha and Pretoria, Houngbo said. Short-term contractors and employees at some other U.N. agencies like the International Organization for Migration have already been informed of redundancies. But thousands more job losses could be on the way as international agencies grapple with funding shortages due to the withdrawal of aid by the Trump administration and other donors. "The U.S. is the top contributor for assessed and voluntary contribution, so our challenge is double," Houngbo said, highlighting also a broader pullback in financial support among member states. The U.S. accounts for 22% of the ILO's $880 million two-year budget for 2026-2027, expected to be approved at the ILO's International Labour Conference next week. "Worst case scenario, we may have to consider a revised budget. I don't recall the last time that happened to the ILO," Houngbo said. He said he is developing a business continuity plan in case of further cuts to financial support, and that the ILO will be implementing a freeze on external recruitment, as well as launching a voluntary redundancy programme. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
