Jennings: "We can twist the world economy back into shape"
The huge and ever-growing gap between rich and poor is the biggest risk to the global economy for the next decade, says the World Economic Forum ahead of its annual summit in Davos.
Business leaders and politicians are finally waking up to the message that UNI Global Union has been spreading for years and now those at Davos must capture the groundswell of opinion and agree to help lead the fight.
UNI General Secretary Philip Jennings, a Davos veteran who will attend his 20th summit this year, was quoted across international media responding to the WEF report. In outlets including the Mail Online and the Guardian, Jennings said, "The report should act as a wake-up call to the influencers and leaders at Davos next week. These are global issues we can do something about: we can twist the global economy back into shape – this includes a new commitment to create jobs, address income inequality and falling living standards. Since the global financial crisis it's been a race to the bottom in jobs, wages and living standards."
The news comes at a time of growing political support for an increase in the minimum wage and stronger labour laws. President Obama said recently that income inequality was “the defining challenge of our time,” and underlined the importance of empowering workers.
“It’s time to ensure our collective bargaining laws function as they’re supposed to,” Obama said, “so unions have a level playing field to organize for a better deal for workers and better wages for the middle class.”
At a recent meeting with Democratic Senators, President Obama indicated that he is giving serious consideration to raising the minimum wage for employees of federal contractors. It’s hoped the move could lead to a minimum wage rise for all American workers.
British Chancellor George Osborne called for a significant rise in the country’s minimum wage. In a change of direction for the Conservative party, Osborne said pushing up wages will “make sure that we have a recovery for all and that work pays.”
Elsewhere in Europe, German Chancellor Angel Merkel has made it clear that a minimum wage is likely to be introduced.
For all the latest from Philip Jennings at Davos, follow him on Twitter @PJenningsUNI