Massive job crisis seen

The world is facing a massive job crisis and will need 600 million new jobs by 2030 to cope with the population expansion, according to a report released at the G20 Labour and Employment meeting held in Australia.

There's little doubt there is a global jobs crisis," World Bank's senior director for jobs, Nigel Twose told AFP. "As this report makes clear, there is a shortage of jobs -- and quality jobs, he added. 

 Despite some small improvement in the global economy recently, the jobs gap is projected to remain substantial in several G20 economies until at least 2018.

 In the face of the job crisis, Group of 20 leaders, who meet in Brisbane in November, have called for each member country to develop growth strategies and employment action plans. 

 "There is no magic bullet to solve this jobs crisis, in emerging markets or advanced economies," said Nigel Twose to AFP.

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 The report further said that India has established a highly successful national rural employment guarantee that directly provides job opportunities in rural areas to build infrastructure and an income floor for vulnerable households.

 India also managed to reduce the share of workers living in extreme poverty; however 29 per cent of India’s workers remained among the extreme working poor in 2010, with a further 37 per cent living in moderate poverty. The National Rural Employment Guarantee Act (NREGA), which guarantees 100 days’ employment at the rural minimum wage for rural households, substantially raised incomes and enhanced income security for the participating households.

 Studies have also found wider positive effects on rural labor markets, such as lifting a higher proportion of rural workers, particularly women, above the low pay threshold and reducing distress migration.