What is the importance of decent work and economic growth?

• Decent work means opportunities for every- one to get work that is

productive and delivers a fair income, security in the workplace and
social protection for families, better prospects for personal
development and social integration.
• How does employment affect economic growth?
• Economic growth is a prerequisite for increasing productive
employment; it is the combined result of increases in employment
and increases in labour productivity. Hence, the rate of economic
growth sets the absolute ceiling within which growth in employment
and growth in labour productivity can take place.
What is meant by decent work?
• The International Labour Organization (ILO) defines decent work as
“productive work for women and men in conditions of freedom,
equity, security and human dignity”. In general, work is considered as
decent when: it pays a fair income. it guarantees a secure form of
employment and safe working condition
WHY IS IT SO IMPORTANT TO ACHIEVE
SDG 8
• DECENT WORK AND ECONOMIC GROWTH? 
• Eradicating poverty will only be possible through stable and well-
paid employment. So it is vital to promote full and productive
employment and decent work for everyone the world over
• How does employment improve the economy?
• Reduces inequality and prevents relative poverty from those who
are unemployed. Full employment will improve business and
consumer confidence which will encourage higher growth in the long-
term. Unemployment is a big cause of poverty, stress and social
problems
• What is the relationship between unemployment and economic
growth?
• Okun's law looks at the statistical relationship between a country's
unemployment and economic growth rates. Okun's law says that a
country's gross domestic product (GDP) must grow at about a 4%
rate for one year to achieve a 1% reduction in the rate of
unemployment
• How does increased employment benefit the economy?
• Increased employee earnings leads to a higher rate of consumer
spending, which benefits other businesses who depend on consumer
sales to stay open and pay vendors. Hiring additional employees for
your small business can achieve these affects on a small scale and
increase the money circulating in the marketplace
• What are the 4 pillars of decent work?
• Promoting jobs and enterprise, guaranteeing rights at work,
extending social protection and promoting social dialogue are the
four pillars of the ILO Decent Work Agenda, with gender as a cross-
cutting theme. These are crucial to advancing the entire sustainable
development agenda.
• What is the decent work framework?
• It has four pillars: standards and rights at work, employment
creation and enterprise development, social protection and social
dialogue.
How does decent work reduce poverty?

• It is crucial to provide decent jobs that both secure income and

empowerment for the poor, especially women and younger
people. Rapid economic growth can potentially bring a high rate of
expansion of productive and remunerative employment, which can
lead to a reduction in poverty
Reference:
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