Inequality is on the rise as the share of labour income has stagnated worldwide and a large share of youth remain out of employment, education, or training, according to the International Labour Organisation’s (ILO) World Employment and Social Outlook: September 2024 Update. A major reason for this fall in labour income, according to the report, is artificial intelligence or AI.
The ILO analysed the impact of technological innovations over the last two decades across 36 countries and said that, while these innovations have produced persistent increases in labour productivity and output, they can also reduce the labour income share. This is consistent with automation-based technological innovations driving the aggregate effects.
Source: The Hindu
About International Labour Organisation’s (ILO):
It is a specialized agency of the United Nations (UN) dedicated to improving labour conditions and living standards throughout the world.
It was created in 1919, as part of the Treaty of Versailles that ended World War I, to reflect the belief that universal and lasting peace can be accomplished only if it is based on social justice.
In 1946, it became a specialized agency of the newly formed UN.
Its headquarters are located in Geneva, Switzerland.
It is also a member of the United Nations Development Group (UNDP), a coalition of UN organizations aimed at helping meet the Sustainable Development Goals.
It has 187 member states: 186 out of 193 UN member states plus the Cook Islands.
It is the only tripartite U.N. agency that brings together governments, employers and workers’ representatives of 187-member States.
Treaty of Versailles:
It was one of several that officially ended five years of conflict known as the Great War—World War I.
It outlined the conditions of peace between Germany and the victorious Allies, led by the United States, France, and the United Kingdom.
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