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Worry as Fresh ILO Report Says Global Unemployment Will Rise to 208m This Year

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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.

 

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Job Cuts Hit Tesla: More Than 6,000 Positions Axed Across Texas and California

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Tesla Inc. has announced plans to slash over 6,000 jobs in Texas and California as part of CEO Elon Musk’s directive to trim more than 10% of the company’s global workforce.

The cuts come amidst a tumultuous period for the electric vehicle maker, which has faced challenges ranging from production bottlenecks to supply chain disruptions.

In Texas, where Tesla is headquartered and operates a major factory, 2,688 workers are set to lose their jobs.

The layoffs are scheduled to begin during a 14-day period starting June 14, as outlined in a WARN notice filed with the Texas Workforce Commission.

Also, Tesla revealed intentions to lay off 3,332 employees across multiple sites in California, according to separate WARN notices filed in the state.

The decision marks Tesla’s largest-ever round of job cuts, with the company boasting more than 140,000 employees globally before the restructuring initiative commenced.

Despite announcing a reduction of over 10% of its workforce on April 15, insiders familiar with Tesla’s plans suggest that the actual number of job losses could exceed 20,000.

The news of the layoffs comes as Tesla’s stock performance continues to struggle, with shares plummeting by 42% this year, marking the worst performance in the S&P 500 Index.

The company’s workforce in Austin, Texas, surpassed 22,000 employees at the end of last year, with its production facility responsible for manufacturing the Model Y and Cybertruck.

However, the extent to which factory jobs will be affected remains unclear amidst the restructuring efforts.

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Heritage Bank Faces Union Action as NUBIFIE Protests Mass Layoffs

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heritage bank- Investors King

Amid mounting tension and grievances over alleged mass layoffs, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has led its members to the head office of Heritage Bank in Lagos.

NUBIFIE’s actions stem from Heritage Bank’s recent management decision to terminate the employment of over 1000 personnel without adhering to due process, prompting widespread outrage among affected workers and the union alike.

The union has made it clear that its picketing of the bank’s premises will persist until management addresses the sacked workers’ grievances and ensures the provision of rightful severance packages.

At the forefront of the protest, aggrieved ex-staff members have barricaded the entrance gate, obstructing access to and from the bank’s headquarters located at 143 Ahmadu Bello Way, Victoria Island, Lagos.

Reports reveal that Heritage Bank, under the leadership of Mr. Akinola George-Taylor, dismissed over 70 senior staff members within a year of his tenure. Moreover, numerous other employees were allegedly coerced into resigning, exacerbating the bank’s internal crisis.

Of significant concern is the failure to remit accrued entitlements and allowances owed to the affected staff.

Sources familiar with the matter have disclosed that the bank’s chief executive officer instigated the internal turmoil as part of a broader scheme to purge the institution of individuals suspected of loyalty to certain board members.

This purported purge is believed to be aimed at consolidating power and control over the bank, with the backing of a prominent shareholder seeking sole ownership and the removal of existing board members.

Despite efforts to seek clarification and comment from Heritage Bank’s head of Corporate Communications, Ozenna Utulu, no response has been forthcoming as of the time of reporting.

The standoff between Heritage Bank and NUBIFIE underscores the growing unrest within the banking sector and the urgent need for dialogue to address grievances and ensure fair labor practices.

As protests intensify and pressure mounts on the bank’s management, the outcome of these developments remains uncertain, leaving both employees and stakeholders on edge.

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Google Fires 28 Workers Over Controversial Project Nimbus Protests

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Google has terminated 28 employees who participated in protests against the tech giant’s involvement in Project Nimbus, a joint venture with Amazon to provide AI and cloud services to the Israeli government.

The protests, organized by the No Tech for Apartheid group, took place across Google offices in New York City, Seattle, and Sunnyvale, California.

The demonstrations, which included a nearly 10-hour sit-in, culminated in the arrest of nine protesters on trespassing charges.

Subsequently, several workers received notices of being placed on leave, only to be informed of their dismissal by the company the following day.

Google cited the protesters’ interference with other employees’ work and refusal to vacate the premises despite multiple requests as the primary reasons for their termination.

The company’s response has reignited discussions about the balance between corporate policies, employee activism, and human rights advocacy.

Critics argue that the dismissals infringe on employees’ rights to engage in collective action related to working conditions, a stance supported by US labor laws.

Tech workers have increasingly voiced concerns about how the products they develop are used, highlighting ethical considerations in their industry.

The situation underscores the challenges faced by tech companies in managing internal dissent and navigating complex geopolitical issues.

Google’s handling of the protests has sparked internal debates about the company’s stance on the Middle East conflict and its approach to employee engagement.

Despite the firings, support for the protesters and their cause has grown, indicating ongoing tensions within the organization.

Google’s actions signal a broader reckoning within the tech industry regarding the responsibilities of corporations in addressing social and political issues.

As employees continue to advocate for change within their companies, the fallout from the Project Nimbus protests serves as a reminder of the ongoing struggle to balance corporate interests with ethical imperatives and employee rights.

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