What’s going on:
Despite being a highly educated generation, the youth, especially those aged 15–24, are finding it hard to secure decent work, according to International Labor Organization. Recent data highlights their disproportionate unemployment rates, tendencies to be in lower-quality jobs, and likelihood of living in extreme poverty.
It’s reported that this age group is more prone to be informally employed, which often lacks essential social protections. During crises, youth are found to recover slower than other age groups. A considerable number of the world’s youth remain not in education, employment, or training (NEET). ILO data reveals that 15-24-year-olds make up around 21% of the total working-age population; the data also reveals that the age group accounts for less than 13% of the total number of employed people.
Why it matters:
The age bracket that ILO defines as youth represents the future of any nation because young people can greatly contribute to innovation, societal growth, and sustainability. The challenges faced by young people in accessing decent work threaten their well-being and that of the broader society. ILO reports that gender disparities around the world compound these challenges.
How it’ll impact the future:
The current trends reflect changes in recruitment patterns and the evolving nature of the workforce. With a growing number of young people in informal jobs or not engaged in any productive work, economies might face increased stagnation. There could be more pressure on labor market institutions to evolve and create pathways for smoother transitions into and within the labor market.