There is worry following a fresh report of the International Labour Organisation (ILO) which predicted that global unemployment would jump up 3 million to 208 million this year.
Also, the agency said this would mark a reversal of the decline in global unemployment witnessed between 2020 and 2022.
The ILO said the current slowdown means that many workers would have to accept lower-quality jobs, often at very low pay, sometimes with insufficient hours.
The report noted that while prices rise faster than nominal labour incomes, the cost-of-living crisis risks pushing more people into poverty, including millions who are being pushed below the poverty line.
According to the United Nations agency, the development was caused by significant declines in income seen during the COVID-19 crisis, which affected low-income groups worst in many countries.
The ILO revealed that there is an imminent increase in inequality in many parts of the world, a situation it said has started causing worry and panic among humanity.
The report further noted that there was an emerging understanding that the world must collaborate to address economic, social and environmental concerns on an equal basis.
According to the agency, Labour standards, employment policies, social protection and social dialogue are more important than ever, and that decent work is central to all of human lives and goes far beyond the workplace.
The living condition is further described as the pathway out of poverty and a core element of sustainable development, stressing that inflation is a major factor causing the loss of jobs and unemployment.
It said the situation is part of the reasons why aspects of the ILO’s decent work agenda are also included in many other Sustainable Development Goals from poverty reduction, food security, health, and inequality, to the range of environmental goals which need just transitions, and the quest for peace, justice and strong institutions.
The agency, therefore, sought for collaboration of actions from world leaders and organisations to arrest the ugly development.
Specifically, the ILO said combined actions, global and national, are crucial in countries which confront massive decent work deficits and excessive inequalities while their financial resources and institutional capacities were limited.
Findings by Investors King revealed that Nigeria is one of the countries of the world that could be severely hit by the looming unemployment and poverty.
Already, the most populous black nation in Africa has been ranked the poverty capital of the world.
In another report issued by the agency, it was stated that millions of jobs in Nigeria and other Sub-Saharan countries face the dire risk of high unemployment in 2023.
The ILO expressed worry that the Russia-Ukraine war pushed millions more Nigerians into poverty in 2022 and many would be further impoverished this year if concerted and very urgent measures are not taken.
