To stem the growing pangs of poverty across global economies, about $600 billion might be required yearly or $10 trillion in the next 15 years.
This is the projection of the International Labour Organisation (ILO) in its World Employment and Social Outlook (WESO) 2016 report. It stressed that poverty goal of 2030 Agenda is at risk without decent work, even as relative poverty in developed countries is increasing.
ILO’s WESO 2016 report themed: ‘Transforming jobs to end poverty’, finds that over 36 per cent of the emerging and developing world live in poverty – on a daily income of less than $ 3.10 purchasing power parity (PPP).
The report concluded that the problem of persistent poverty cannot be solved by income transfers alone, but that more and better jobs are crucial to achieving this goal.
It is estimated that almost a third of the extremely or moderately poor in developing economies have jobs. However, these employments are vulnerable in nature: they are sometimes unpaid, concentrated in low-skilled occupations and, in the absence of social protection, rely almost exclusively on labour income.
The report observed that among developed countries, more workers have wage and salaried employment, but that does not stop them from falling into poverty.
WESO 2016 found that the incidence of relative poverty has increased by one percentage point in the European Union, since the start of the crisis.