Topics Covered: Population and associated issues, poverty and developmental issues, urbanization, their problems and their remedies.
Time to Care report
What to study?
For Prelims: Key findings.
For Mains: Concerns highlighted and ways to address them.
Context: A report titled- “Time to Care”– has been released by Oxfam International. The report Focuses on the alleviation of global poverty.
- The world had 2,153 billionaires in the world in 2019. The number of billionaires has doubled in the last decade, despite their combined wealth having declined in 2018.
- World’s richest 1% have more than twice as much wealth as 6.9 billion people.
- From 2011 to 2017, average wages in G7 countries grew 3%, while dividends to wealthy shareholders increased by 31%.
- Globally, extreme poverty rates are 4% higher for women than men and this gap rises to 22% during women’s peak productive and reproductive ages.
Globally, 42% of working-age women are outside the paid labour force, compared with 6% of men, due to unpaid care responsibilities.
- The monetary value of unpaid care work globally for women aged 15 and over is at least $10.8 trillion annually –three times the size of the world’s tech industry.
- 80% of domestic workers worldwide are women and 90% of domestic workers have no access to social security such as maternity protection and benefits.
Findings related to India:
- India’s richest 1% hold more than four-times the wealth held by the bottom 70% of the country’s population.
- The combined total wealth of 63 Indian billionaires is higher than the total Union Budget of India for the fiscal year 2018-19 which was at Rs 24,42,200 crore.
Economic inequality is out of control and has created a great divide in the world.
This great divide is based on a flawed and sexist economic system which has accumulated vast wealth and power into the hands of a rich few. And they are also exploiting the labour of women and girls, and systematically violating their rights.
- An additional 0.5% tax on the wealth of the richest 1% over the next 10 years can create 117 million jobs in education, health and elderly care.
- Invest in national care systems to address the disproportionate responsibility for care work done by women and girls.
- End extreme wealth to end extreme poverty and bring in legislation to protect the rights of all carers and secure living wages for paid care workers.
Sources: the Hindu.