[Global] ILO calls for minimum wage adjustment to keep workers afloat

On October 18, the International Labour Organization (ILO) called for the adjustment of all minimum wages and social protection benefits across the world to help workers stay afloat in the wake of the pandemic and the subsequent cost of living crisis, Prensa Latina reports.

ILO Director-General Gilbert F. Houngbo believes these conditions must be at the forefront of actions to tackle the current economic and social situation.

Other priority policies reportedly include investments in social protection and productive employment through the Global Accelerator on Jobs and Social Protection for Just Transitions.

Mr Houngbo reiterated that the Global Accelerator aims to galvanise the creation of 400 million jobs, including in the green, digital and care economies, together with the extension of adequate social protection to the four billion people currently with no coverage.

The ILO head said this would support a shift towards a proactive approach to managing economic, social and environmental crises and the just transition required to deal with climate change. 

“At this challenging time, it is essential that we seize the initiative and shape the future so that it delivers a better, more equitable and sustainable world that will also contribute to lasting peace,” Mr Houngbo said.

Mr Houngbo said that increasing productive employment was pivotal to reducing inequality, in his written statement to the joint World Bank-IMF Development Committee.

He added that greater formalisation of employment was also needed to improve business productivity and sustainability, promote decent work and give governments more financial resources to address poverty and inequality.

Long-term policies to tackle persistent large gender gaps, including in pay, pensions and job quality, were also necessary.

Many nations - constrained by rising debt burdens and shrinking fiscal space - now face a daunting policy landscape and the Director-General called for a new collective effort to better manage and ultimately exit these crises and prevent future ones.

This reportedly included increasing social investment in skills development and care, addressing labour market inequalities, and raising the levels of social protection benefits and wages to maintain living standards in the face of rising inflation.

Source: Prensa Latina

(Quotes via original reporting)

On October 18, the International Labour Organization (ILO) called for the adjustment of all minimum wages and social protection benefits across the world to help workers stay afloat in the wake of the pandemic and the subsequent cost of living crisis, Prensa Latina reports.

ILO Director-General Gilbert F. Houngbo believes these conditions must be at the forefront of actions to tackle the current economic and social situation.

Other priority policies reportedly include investments in social protection and productive employment through the Global Accelerator on Jobs and Social Protection for Just Transitions.

Mr Houngbo reiterated that the Global Accelerator aims to galvanise the creation of 400 million jobs, including in the green, digital and care economies, together with the extension of adequate social protection to the four billion people currently with no coverage.

The ILO head said this would support a shift towards a proactive approach to managing economic, social and environmental crises and the just transition required to deal with climate change. 

“At this challenging time, it is essential that we seize the initiative and shape the future so that it delivers a better, more equitable and sustainable world that will also contribute to lasting peace,” Mr Houngbo said.

Mr Houngbo said that increasing productive employment was pivotal to reducing inequality, in his written statement to the joint World Bank-IMF Development Committee.

He added that greater formalisation of employment was also needed to improve business productivity and sustainability, promote decent work and give governments more financial resources to address poverty and inequality.

Long-term policies to tackle persistent large gender gaps, including in pay, pensions and job quality, were also necessary.

Many nations - constrained by rising debt burdens and shrinking fiscal space - now face a daunting policy landscape and the Director-General called for a new collective effort to better manage and ultimately exit these crises and prevent future ones.

This reportedly included increasing social investment in skills development and care, addressing labour market inequalities, and raising the levels of social protection benefits and wages to maintain living standards in the face of rising inflation.

Source: Prensa Latina

(Quotes via original reporting)