ILO ‘Global Employment Trends for Youth 2022’ Report

August 13, 2022

According to “Global Employment Trends for Youth 2022” report, unemployment rare among youth aged 15-24 has reached to 15.6% across the world. It is three times of the unemployment rate among adult. This report has been released by International Labour Organisation (ILO), as a part of Global Call to Action for “human-centred recovery from Covid-19 pandemic”.

Important findings of the report include;

As per report, number of unemployed young population has decreased from 75 million in 2021 to 73 million in 2022. However, this number is still 6 million more than the number before covid-19 pandemic.
Unemployment rate in Africa is 12.7%, below the global average of 14.9%. This figure highlights that, young people have withdrawn from labour markets.
In India, schools were closed for 18 months. Out of 240 million school-going children, just 8% in rural and 23% in urban areas had access to online education. As a result, 92% children have lost one foundational ability in language on an average. 82% children have lost at least one foundational ability in mathematics. This has increased the NEET rate globally.

Centre for Monitoring Indian Economy (CMIE) and Employee Provident Fund Organisation (EPFO) have also noted similar trends in their reports:

According to CMIE, Labour Force Participation Rate (LPR) in India had fell down to 38.8% in June 2022. This highlights that, people have dropped off finding employment.
Share of people aged 18-21 in the net EPF accounts created has decreased from 37.9% in 2018-19 to 24.1% in 2021-22.

Share of NEET youth:

Another challenge faced by labour market is that, the share of youth “not in employment, education or training” (NEET) has increased to 23.3%. Share has increased by 1.5% as compared to 2019.

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