Global Labour Income Share Declines, Increasing Inequality and Slowing SDG Progress, Says ILO

Geneva, September 2024: The International Labour Organization (ILO) has warned of increasing inequality and slow progress towards the Sustainable Development Goals (SDGs) in its latest report, World Employment and Social Outlook: September 2024 Update. The report highlights a significant decline in the global labour income share, which has stagnated after falling by 0.6 percentage points between 2019 and 2022. This trend, part of a long-standing decline, threatens to exacerbate income inequality worldwide.

If the labour income share had remained at its 2004 level, global worker income would be $2.4 trillion higher in 2024 alone. The report also reveals that a large proportion of youth remains outside employment, education, or training, further straining economic opportunities and progress towards the 2030 SDG targets.

The ILO report underscores the need for urgent action to reverse these trends and foster more inclusive growth as the world approaches the SDG deadline.