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The global economic system isn’t working for six billion people, labour leaders at the World Economic Forum in Davos, have warned.
Mass unemployment, mistrust in institutions, rising inequality and extremism are global risks for working people, employers and leaders, maintained the International Trade Union Confederation (ITUC).
“The very nature of corporate incentives to invest in any equal distribution is being undermined by their own business model. It’s a two way street: business needs workers, and workers need fair-minded employers. At the moment, business is letting down its side of the deal,” said Sharan Burrow, general secretary of the ITUC.
John Evans, general secretary of the OECD Trade Union Advisory Committee (TUAC), who is also ITUC Chief Economist, commented: “A central aspect of ‘inclusive growth’ must be reducing income inequality and reversing the decline in the share of wages in output and income.”
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