CURRENT AFFAIRS

Detailed explanation-1: -Almost half-a-billion people have insufficient access to paid work: * 165 million have a job but want to work more hours; * 188 million are unemployed; * 120 million have either given up actively searching for work or otherwise lack access to the labour market.

Detailed explanation-2: -According to the ILO database, India’s unemployment rate rose between 2008 (5.36%) and 2010 (5.65%), and then fell between 2013 (5.67%) and 2019 (5.27%). It then rose sharply to 7.11% in 2020. Globally, the average unemployment rate was 6.47% in 2020, up from 5.37% in 2019.

Detailed explanation-3: -Data from the first quarter of 2022 show an average unemployment rate in the region of 7.9 per cent, an employment rate of 57.2 per cent, and a labour force participation rate of 62.1 per cent.

Detailed explanation-4: -1. The International Labour Organisation (ILO) measure of unemployment from the Labour Force Survey (LFS), which essentially captures people who are currently not working, but are available for work.

Detailed explanation-5: -Global unemployment is slated to rise slightly in 2023, by around 3 million, to 208 million (corresponding to a global unemployment rate of 5.8 per cent). The moderate size of this projected increase is largely due to tight labour supply in high-income countries.