India’s Unemployment to rise marginally in 2017-2018 according to ILO

⇒ Depending on the latest released World Employment and Social Outlook for 2017, unemployed people number in India is expected to increase by 1 lakh in 2017 and 2 lakh by the year 2018.

⇒ This statistics were announced by the ILO – the International Labor Organization with projections based on econometric modelling carried out in Nov 2016.

⇒ This information has clubbed India in the category of emerging nations.

⇒ The important points of this report of jobless in our country will raise from 17.7 mil in 2016 to 18 mil by the year 2018 even though the country’s unemployment rate is said to go down from 3.5% to 3.4% in the year 2017.

⇒ India slighly performed well in terms of creating jobs in 2016, as majority of the 13.4 million new employment were created.

⇒ Jobless people number around the globe will increase by 3.4 million in the year 2017.

⇒ The world unemployment rate is expected to rise modestly from 5.7 to 5.8% in 2017 as pace of labour force growth outstrips job creation.

⇒ The increase in unemployment levels and rates in 2017 will be driven by deteriorating labour market conditions in developing countries.

⇒ Vulnerable forms of employment, which include own account workers and contributing family workers are expected to stay above 42% of total employment.

⇒ About 1.4 billion people are likely to be engaged in such employment in 2017, with the number rising by 11 million per year.

⇒ Sub-Saharan Africa and Southern Asia will be the most affected.

⇒ In developing countries, the number of workers earning less than $3.10 per day is even expected to increase by more than 5 million over the next two years.

⇒ Global uncertainty and the lack of decent jobs are, among some of the other factors, underpinning social unrest and migration in many parts of the world.