Latest news with #WorldEmploymentandSocialOutlook
News18
5 days ago
- Business
- News18
Number of employed people in India rose to 64.33 cr in FY24 from 47.5 cr in FY18
New Delhi, Jul 24 (PTI) The number of employed people in the country rose to 64.33 crore in 2023-24 from 47.5 crore in 2017-18, Union Minister Shobha Karandlaje informed Lok Sabha on Thursday citing RBI data. According to a written reply by the Minister of State for Labour & Employment, 'The KLEMS (K: Capital, L: Labour, E: Energy, M: Materials and S: Services)' database published by Reserve Bank of India (RBI) provides employment estimates, including manufacturing sector, at all-India level. Further, she told the House that as per the latest annual Periodic Labour Force Survey (PLFS) reports, the estimated female Worker Population Ratio (WPR) for persons of age 15 years and above, during 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24 was 28.7 per cent, 31.4 per cent, 31.7 per cent, 35.9 per cent and 40.3 per cent, respectively. Meanwhile, on Wednesday, the labour ministry had dismissed a media report which raised doubt on accuracy of official jobless data. The ministry said that PLFS is globally recognized as an empirical and statistically robust source of employment and unemployment data in India. It is based on a large-scale, stratified, multi-stage random sampling framework that covers both rural and urban regions across the country, it said. Since January 2025, PLFS has transitioned to generating monthly estimates in addition to its existing annual and quarterly outputs, enabling timely and granular tracking of labour market trends, it stated. The PLFS methodology is aligned with international standards, particularly the definitions and classifications prescribed by the International Labour Organization (ILO), such as Usual Principal Status (UPS) and Current Weekly Status (CWS). Its data collection and reporting protocols are consistent with global practices used by institutions like the World Bank, UNDP, and ILOstat, enhancing its comparability with international datasets, it has stated. As per PLFS data, the Labour Force Participation Rate (LFPR) for individuals aged 15 years and above increased from 49.8 per cent in 2017–18 to 60.1 per cent in 2023–24. During the same period, the Worker Population Ratio rose from 46.8 per cent to 58.2 per cent, while the Unemployment Rate (UR) declined sharply from 6 per cent to 3.2 per cent. These indicators suggest greater absorption of the workforce into productive employment, the ministry has said. Notably, it stated that the youth unemployment rate fell from 17.8 per cent to 10.2 per cent, which is lower than the global youth unemployment rate of 13.3 per cent as per ILO's World Employment and Social Outlook 2024. These statistics refute the false narrative regarding widespread youth disengagement, and substantiate stronger labour market participation, the ministry had said. PTI KKS ANU view comments First Published: July 24, 2025, 17:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
6 days ago
- Business
- Mint
Formal jobs, self-employment rising: statistics ministry
New Delhi: Formal jobs and self-employment are on the rise in India while the youth unemployment is below the global average, the statistics ministry said on Wednesday. The ministry stated that formal employment is rising steadily, with nearly 13 million net subscribers for provident fund getting added in FY25 under the Employees Provident Fund Organisation (EPFO), more than double the number in FY19. Since September 2017, more than 77.3 million net subscribers have joined, including nearly 2 million in April 2025 alone —indicating a strengthened formal workforce and greater social protection coverage, the ministry stated. A structural shift is also underway: Periodic Labour Force Survey data indicates that self-employment increased from 52.2% to 58.4%, while casual labour declined from 24.9% to 19.8%, the ministry said, adding that this reflects a move toward entrepreneurial, autonomous livelihoods, supported by government initiatives. The ministry also said Labour Force Participation Rate (LFPR) for individuals aged 15 years and above has increased from 49.8% in 2017–18 to 60.1% in 2023–24. During the same period, the worker-population ratio (WPR) rose from 46.8% to 58.2%, while the unemployment rate declined sharply from 6% to 3.2%. 'These indicators suggest greater absorption of the workforce into productive employment. Notably, the youth unemployment rate fell from 17.8% to 10.2%, which is lower than the global youth unemployment rate of 13.3% as per International Labour Organisation's World Employment and Social Outlook 2024,' the ministry stated. The ministry cited Reserve Bank of India's database to say total employment in the country increased from 475 million in 2017–18 to 643 million in 2023–24—an addition of 168 million jobs over six years. The ministry also said, quoting PLFS estimates, that the average daily wage for casual labourers (excluding in public works) increased from ₹ 294 in July–September 2017 to ₹ 433 in April–June 2024. The average monthly earnings of regular salaried employees rose from ₹ 16,538 to ₹ 21,103 during the same period. 'These upward trends demonstrate not only increased income levels but also enhanced job stability and quality,' the ministry said. The recent rise in agricultural employment is linked to strengthened rural activity and policy support, including ₹ 122.5 crore in funding for agri-startups—driving innovation and sustainability in the sector—it said. India's demographic dividend is being actively cultivated through targeted initiatives, which aim to bridge the gap between education and employment, the ministry said. The economy is also witnessing job growth in emerging sectors such as startups, global capability centres (GCCs), digital services and the gig economy, creating new and diverse employment opportunities for the youth, it added. India's employment narrative is one of forward momentum, not decline, it added.
Fibre2Fashion
31-05-2025
- 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
28-05-2025
- 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.
Time of India
28-05-2025
- Business
- Time of India
ILO lowers employment generation forecast for 2025 to 53 million from 60 million projected earlier
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The International Labour Organization ILO ), on Wednesday, revised down its global employment forecast for 2025 to 53 million jobs as against earlier estimates of estimated 60 million jobs created worldwide this year following a downward revision in economic growth.'This translates into a reduction in global employment growth from 1.7% to 1.5% this year.' ILO said in its World Employment and Social Outlook (WESO) Update released on Wednesday.'The drop, which is the equivalent of around seven million fewer additional jobs, reflects a downgraded global economic outlook, as GDP growth is expected at 2.8%, down from a previous projection of 3.2%,' it addition, the ILO estimates that close to 84 million jobs across 71 countries are directly or indirectly tied to US consumer demand and are at risk.'These jobs and the incomes they support are now increasingly at risk of disruption due to elevated trade tensions,' it said, adding 56 million of these jobs are concentrated in the Asia-Pacific and Mexico, however, have the highest share of jobs, 17.1%, 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,' ILO director-general Gilbert F. Houngbo report also highlights troubling trends in income distribution. 'The labour income share , which is the proportion of GDP going to workers, fell globally to 52.4% in 2024 from 53% in 2014 with Africa and the Americas experiencing the largest declines,' it per the report, 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 the effects of new technologies on the world of work, the report said that nearly one in four workers may find their jobs transformed by generative AI.'A larger share of jobs in medium-skilled occupations have some degree of exposure, but a greater percentage of jobs in high-skilled occupations have high exposure, whereby existing tasks could potentially be automated by AI,' it said.
