May 30, 2023

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The ILO welcomes the G7 commitment to invest in human capital and decent work

International Labor Organization (OIT) welcomed the G7 Labor and Employment Ministers’ Declaration emphasizing the need to invest in human capital and decent work.

“The meeting, held in the Japanese city of Kurashiki on 22-23 April, concluded with a statement that highlighted the commitment of governments to address key issues facing the world of work,” the ILO said in a statement. These include decent jobs and labor force participation, investment in lifelong learning and skills, labor markets and gender equality. Men and women, as well as the importance of paternity leave and the social and solidarity economy in the workplace. Same source.

The report notes that workers and their families face an uncertain future amid an uneven recovery from the Covid-19 pandemic, climate change, inflation, eroding wages and structural changes such as digital and environmental changes and demographic shifts.

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“In order to respond to these challenges, it is important to invest in human capital, especially in skills development and the development of inclusive labor markets to promote quality work, guaranteeing decent work, including in the global supply chain, leaving no one behind,” the report read.

ILO Director-General Gilbert F. Houngbo echoed the need for investment in two interventions at the G7 meeting, one in developing labor markets for women and youth, the other in strengthening work engagement and promoting decent work.

He underlined the impact of several crises in the world of work, which have led to worsening inequalities in labor markets, particularly affecting women and young people. He also highlighted the importance of increasing labor supply by creating inclusive labor markets for older workers and people with disabilities.

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