UN-Karma-Global
Spread the love

UN Agency reports forced labour generates US $236B Illegal profits per year

KARMA GLOBAL, besides its foray into specialized areas like staffing, onboarding, payroll, curbing regulatory risk, auditing and abiding by all labour law-related compliance, has joined hands with topmost Indian legal firm in order to further strengthen its enduring relationships with its over 500+ clients with cost-effective and time bound legal solutions.

 

UN’s International Labor Organization (ILO) reported that forced labor in the private economy generates annual illegal profits of US$236 billion per year.

The new study on forced labour in the private sector reveals a 37 per cent rise in illegal profits from forced labour since 2014.

Forced labour in the private economy generates US$236 billion in illegal profits per year, a new report from the International Labour Organization (ILO) has found.

The total amount of illegal profits from forced labour has risen by US$64 billion (37 per cent) since 2014, a dramatic increase that has been fuelled by both a growth in the number of people forced into labour, as well as higher profits generated from the exploitation of victims.

The ILO report, Profits and Poverty: The economics of forced labour, estimates that traffickers and criminals are generating close to US$10,000 per victim, up from US$8,269 (adjusted for inflation) a decade ago.

Total annual illegal profits from forced labour are highest in Europe and Central Asia (US$84 billion), followed by Asia and the Pacific (US$62 billion), the Americas (US$52 billion), Africa (US$20 billion), and the Arab States (US$18 billion).

When illegal profits are expressed per victim, annual illegal profits are highest in Europe and Central Asia, followed by the Arab States, the Americas, Africa, Asia and the Pacific.

Forced commercial sexual exploitation accounts for more than two-thirds (73 per cent) of the total illegal profits, despite accounting for only 27 per cent of the total number of victims in privately imposed labour.

The international community must urgently come together to take action to end this injustice, safeguard workers’ rights, and uphold the principles of fairness and equality for all,” stated ILO Director-General, Gilbert F. Houngbo.

The report stresses the urgent need for investment in enforcement measures to stem illegal profit flows and hold perpetrators accountable. It recommends strengthening legal frameworks, providing training for enforcement officials extending labour inspection into high-risk sectors, and better coordination between labour and criminal law enforcement.

Yet forced labour cannot be ended through law enforcement measures alone, enforcement actions must be part of a comprehensive approach that prioritizes addressing root causes and safeguarding victims, underlines the report.

 

Proprietary blog of Karma Global – collated and compiled by the internal staff of Karma Global  with the knowledge and expertise that they possess,  besides adaptation, illustration, derivation, transformation, collection and auto-generation for its monthly newsletter Issue 23   of  May  2024  and in case of specific or general information or compliance updates for that matter, kindly reach out to the Marketing Team – mudra@karmamgmt.com

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »
whatsapp-logo