• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

PRESSLED

Your Leading News Source

PRESSLED
Your Leading News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • US
  • Meet the Reporters
  • About/Contact

Unpaid Care-Economy Work Amounts to $11 Trillion Per Year

May 14, 2021 by Staff Reporter

  • Bank of America estimates unpaid care-economy work amounts to 9% of global GDP at just a minimum wage.
  • The bank projects the space will add 269 million new jobs by 2030.
  • Women make up 72.6% of unpaid care work, which is an average of 3.2 times more than men.
  • See more stories on Insider’s business page.

President Joe Biden’s $4 trillion infrastructure plan placed an emphasis on care-economy measures, like universal pre-K and free community college. But at the crux of those measures are care-economy workers, and they’re doing an estimated $11 trillion worth of work per year, at least.

That estimate comes from Bank of America’s global research team, which released a Wednesday report that found 16.4 billion hours are spent across both genders in unpaid care work every day. At minimum wage levels, that work would amount to 9% of global gross domestic product, or $11 trillion per year. The report said care workers are employed in sectors like health and education, and 381 million currently make up the global workforce, which is equivalent to 11.5% of total global employment.

Investing in social care in 45 key countries could help achieve the United Nations’ Sustainable Development Goals of 475 million jobs by 2030, the report said, equivalent to 269 million new jobs.

BofA: Unpaid care service workers would amount to 9% of global GDP

BofA Research: Unpaid care work would amount to 9% of global GDP.

ILO/UNCTAD


Women also make up a significant portion of care work. BofA said 249 million women are care workers, compared to 132 million men, with women performing 76.2% of unpaid care work of the total hours provided — an average of 3.2 times more than men.

“Ageing societies and increasing female workforce participation mean action is needed on the organization of care work by governments, employers, trade unions and individual citizens,” the report said.

Insider reported last week that the April jobs report, which fell significantly short of expectations, revealed that women are still struggling, with 165,000 women dropping out of the labor force between March and April. 

That’s why organizations and lawmakers have been working for months to get Congress to prioritize care-economy measures. In April, 55 progressive groups urged Biden to go big on “family-friendly care infrastructure that works for the millions of people who need care and support, those who have had to leave the workforce to become unpaid caregivers, and for the paid caregivers who have been historically undervalued.”

Biden’s $1.8 trillion infrastructure plan included funding for child care and paid and family leave, among other things, which lawmakers and experts said is vital to ensuring recovery for care workers and women.

Massachusetts Sen. Elizabeth Warren told Insider: “The Biden administration made a major commitment to childcare in the American Families Plan that’s going to change the lives of millions of women — especially Black and Brown women — who have been hit the hardest by this pandemic.” 

Originally Appeared On: https://www.businessinsider.com/care-economy-unpaid-work-minimum-wage-jobs-labor-infrastructure-bofa-2021-5

Filed Under: BUSINESS, POLITICS, US

Primary Sidebar

More to See

Entrepreneurs mourn loss of Tech Nation

The UK tech community has reacted with an outpouring of shock and sadness upon learning that Tech Nation, the entrepreneur network that has supported … [Read More...] about Entrepreneurs mourn loss of Tech Nation

Live news updates from February 1: Fed lifts rates 0.25 points, Eurozone inflation slows sharply

© APFedEx will cut more than 10 per cent of its global leadership team, adding to the more than 12,000 employees it has shed over the past seven … [Read More...] about Live news updates from February 1: Fed lifts rates 0.25 points, Eurozone inflation slows sharply

N.J. town votes to let redevelopment of former Lord & Taylor site move forward

The Westfield Town Council voted 7-1 on Tuesday to introduce an ordinance that allows for a downtown redevelopment plan to move forward.It will next … [Read More...] about N.J. town votes to let redevelopment of former Lord & Taylor site move forward

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2023 · PRESSLED · As Amazon Associates we earn commissions from qualifying purchases · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT