The unemployment rate is estimated to rise to 2.5 million in 2020 and almost half a billion people, across the world, are working shorter paid hours than they would like or miss sufficient access to paid work, as per the latest report of the UN's International Labour Organization.
Having a big aggregate of young people on the dole or jobless are likely to adversely affect a community as well as the nation's economic growth and development. In case the youth unemployment is left unbridled, it can have severe social repercussions on the grounds that the unemployed youth is likely to feel left out, thus leading to social expulsion or refusal, uncertainty, and a lack of hope for the future.
As per the fact, around 90 percent of the youth population survive in low-income nations, and expecting a better life in the future can lead to millions of young people struggling in poverty and resentment and hence, taking insubstantial nations down with them.
The International Labour Organization (ILO) alerts that the rising counts of "working poor" pave the risk of complicating the economic and social misery caused by huge unemployment rates.
In accordance with the International Labor Organization 2020, a specialized agency of the United Nations (UN) that is majorly dedicated to enhancing the labor conditions and living standards throughout the world, the factor which is majorly contributing to this high rate of global youth unemployment is broadly due to the shortfall of job opportunities but also comprises obstacles to entering the labor market, like inadequate work experience and the rapidly growing size of the population itself – globally.
In a few countries, the contributing factors can be cultural - for instance, girls and young women not getting the same schooling or education or job opportunities. Other than that, they are forced to poor economic conditions or geopolitical issues such as the refugee crisis.
More importantly, in the times of the global pandemic of Covid-19 in the year 2020, the youth population is likely to be among the first ones to lose their jobs. In consummation, the global youth unemployment rate, which was already rough has reached skyrocketing levels in the past few months during the global pandemic.
The young people employed in areas like transportation, tourism, and hospitality in which telework does not play an essential part are majorly hit by the epidemic of Covid-19. The report of the Africa Union states that, due to the Covid‑19 pandemic, “nearly 20 million jobs, both in the informal and the formal sectors, are jeopardized with destruction”.
Apart from that, in other regions of the world, the education and employment sector severely influenced by Covid‑19 is heading a whole generation up for a potentially destructive employment trajectory. By the same token, being on the dole at a young age may have serious and long-lasting repercussions on the youth population in terms of inner strength, future career paths, and earnings.
As a matter of fact, young people with a history of unemployment are likely to witness lesser career development opportunities, poorer prospects for better jobs, lessened income levels, and at last reduced pensions.
It is the nick of the time to take a step forward for meaningful action. The government authorities and regulatory bodies need to understand that by only by paying lip service to this crisis, we risk an invincible economic challenge in the future along with rough and dangerous threats to cohesion and prosperity in most, if not all, areas of the globe.
Noticeably, there has been plenty of discussion in latter months with regard to how people who progressed to working from home and those who were conceived as an “essential” are much less influenced by the cutback and job losses brought in by the global pandemic and worldwide lockdowns in comparison to the workers who are employed in “social” jobs that demand closer human interaction, such as restaurant workers.
In a brief manner, it has been observed that teleworking jobs are certainly more secure than non-teleworking affairs throughout the duration of the present pandemic-related recession.
The regulatory bodies and government authorities of developed countries specifically have an accountability and a strategic interest in assisting dealing with this unemployment crisis in ways like encouraging economic freedom, decent work, and opportunities for youth, encouraging innovative and practical solutions through the exchange of best practices in workforce development, skills training, and job generation through entrepreneurship.