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Employment: Unemployment/ low wages and poverty globally, 5 KEY FACTS, 5…
Employment:
Unemployment/ low wages and poverty globally
Definition of unemployment:
Individuals who are in search of work or a job but are unable to do so.
2019 -The global unemployment rate was slightly above 5%.
2020- The unemployment rate spiked up in the middle months from 8.4 to as high as 14%.
The minimum wage depends from country to country- there is no global standardized amount for that.
Currently, approximately 9 to 10% of the world’s population has to survive on $1.90 daily.
5 CAUSES
Geographical immobility
Economic changes
Technological advancements
Occupational immobility
Global pandemic
Decrease in the countries’ GDP
Increase in crime rates due to people becoming desperate
deteriorating health of people and spreading of diseases due to the lack of resources or basic necessities
Mental and physical health can also be majorly affected due to unemployment.
Decrease in the quality of life in a country
2 COURSES OF ACTION
Government support- providing finances, increasing the minimum wages, providing education to children
businesses could use more labour intensive processes instead of machines or diversify in the business which would require more workforce
5 KEY FACTS
5 CONSEQUENCES