Jobs won't recover until 2015, U.N. says

Oct. 1, 2010 at 12:25 PM
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GENEVA, Switzerland, Oct. 1 (UPI) -- Current policies will keep worldwide employment below pre-recession levels until 2015, a U.N. agency warns.

The International Labor Organization said it was moving its assessment of the time needed to create the 22 million jobs the world needs to regain the pre-crisis level -- 14 million in rich countries and 8 million in developing states -- back from 2013, The Daily Telegraph reported Thursday.

The global economy has started to grow again, with Asia and Latin America showing signs of job recovery, the ILO said in its annual World of Work report.

Raymond Torres, lead author, told a news conference in Geneva, Switzerland, that 30 million to 35 million jobs had been lost since the crisis began in 2008. The ILO has forecast global unemployment this year of 213 million, a rate of 6.5 percent.

The ILO recommended work-sharing programs that target vulnerable groups such as young people, a closer link between wages and productivity gains to boost demand and job creation, and reforming the financial sector to ensure savings are channeled into productive investment.

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