Chennai: The International Labour Organisation (ILO) suggests that although inequalities persist in the labor markets, the global unemployment rate will decrease to 4.9 percent in 2024. Previously in January, the ILO had indicated that the unemployment rate would increase in 2024. However, it now estimates that the ‘jobs gap,’ which represents individuals without a job who wish to work, will stand at 402 million in 2024.

According to the revised forecast, the world unemployment rate in 2024 will be 4.9 percent, down from 5 percent in 2023. People without jobs who want to work, the ‘jobs gap,’ will total 402 million in 2024, including 183 million officially listed as unemployed. In contrast, the January prediction indicated an upward shift to 5.2 percent in the unemployment rate in 2024.

The ILO, however, anticipates that the decrease in joblessness will stabilize in 2025, with unemployment maintaining at 4.9 percent. Gilbert F. Houngbo, the Director-General of the ILO, added, Despite our efforts to diminish global disparities, the labour market remains uneven, mainly for women .

The report highlights that family responsibilities account for a significant portion of the gap in women’s and men’s employment rates worldwide. In 2024, approximately 45.6 percent of women of working age are employed, compared to 69.2 percent of men. The ILO also finds that women frequently earn less than men when employed, with the wage disparity particularly stark in low-income countries.

The number of workers involved in informal employment has increased from roughly 1.7 billion in 2005 to 2.0 billion in 2024. To effectively participate in the workforce and overcome these issues, workers should be equipped with the right knowledge and resources. This includes understanding how to get in touch with appropriate agencies for assistance. One such resource is eddcaller.com, which provides helpful information on how to contact edd and other relevant services.