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Labor

(See also Social Protection and Labor.) According to the International Labour Organization (ILO), the world will need more than 600 million more jobs in the next 10 years to avoid a further increase in unemployment. In regions such as Africa and South Asia, countries face particular challenges as a growing number of youth are entering the labor market. Creating new jobs is not the sole concern of government, however. Policy makers are also focused on low rates of participation in the labor market and high poverty rates among those who participate and have a job.

Labor policies and programs can help improve labor market participation and address the high poverty rates. Labor regulations and insurance programs protect workers from risks and, if well-designed, can facilitate labor market transitions and thereby allow individuals to engage in higher-risk, higher-return activities. Active labor market programs such as training, job search assistance, or support to self-employment can also help workers acquire the skills they need and connect them to jobs.

The World Bank Group works with countries to design and implement labor regulations, income protections, and active labor market programs that can be extended to a majority of the labor force.

The Bank Group also helps countries develop the right solutions for their unique social and economic circumstances, with a focus on expanding social protection and insurance coverage while also maintaining or providing incentives to create jobs.

From 1998 to 2012, the Bank Group supported job creation and worker protection activities in 99 countries, with total lending reaching $7.3 billion (comprising $5.6 billion through IBRD lending, $1.7 billion through IDA lending, and $47 million in grants). Programs included unemployment benefits, public works, employment services, training, support to self-employment and entrepreneurship, and access to credit. During 1998-2012, the two largest regional borrowers for labor market support were Europe and Central Asia and Latin America and the Caribbean.

worldbank.org/en/topic/socialprotectionlabor

 
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