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Davos, Fortunes of five richest men have more than doubled since 2020 and the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty, rights group <keyword id="20191899" type="General" weightage="20" keywordseo="oxfam" source="keywords">Oxfam</keyword> said on Monday. Releasing its annual inequality report on the first day of the World Economic Forum (<keyword id="19955159" type="General" weightage="20" keywordseo="wef" source="keywords">WEF</keyword>) Annual Meeting here, Oxfam said seven of 10 of the world's biggest corporations have a billionaire as a CEO, or principal shareholder. It further said that 148 top corporations made USD 1.8 trillion in profits, 52 per cent up on three-year average, and dished out huge payouts to rich shareholders, while hundreds of millions faced cuts in real-term pay. Oxfam called for a new era of public action, including public services, corporate regulation, breaking up monopolies and enacting permanent wealth and excess profit taxes. The world's five richest men have more than doubled their fortunes from USD 405 billion to USD 869 billion since 2020 "at a rate of USD 14 million per hour", while nearly five billion people have already been made poorer in this "decade of division", said the Oxfam report on inequality and global corporate power. "If current trends continue, the world will have its first trillionaire within a decade but poverty won't be eradicated for another 229 years," it said. Titled 'Inequality Inc.', the report said seven of ten of the world's biggest corporations have a billionaire as CEO, or principal shareholder, and these corporations are worth USD 10.2 trillion, equivalent to more than the combined GDPs of all countries in <keyword id="19924003" type="General" weightage="20" keywordseo="africa" source="keywords">Africa</keyword> and Latin America. "We are witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires' fortunes boom. "This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else," <keyword id="20191904" type="General" weightage="20" keywordseo="oxfam-international" source="keywords">Oxfam International</keyword> interim Executive Director <keyword id="20205579" type="General" weightage="20" keywordseo="amitabh-behar" source="keywords">Amitabh Behar</keyword> said. Despite representing just 21 per cent of the global population, rich countries in the Global North own 69 per cent of global wealth and are home to 74 per cent of the world's billionaire wealth, Oxfam said.

Wealth of 5 richest men doubled since 2020; five billion people made poorer: Oxfam

Gender discrimination is the reason for 98 per cent of employment gap between males and females in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, according to a new report of <keyword id="69945" type="General" weightage="50" keywordseo="oxfam-india" source="Orion">Oxfam India</keyword>. The report highlighted that woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices. The Oxfam India's 'India Discrimination Report 2022' shows that discrimination causes 100 per cent of employment inequality faced by women in rural areas in labour market and 98 per cent in urban areas. The report said self-employed males earn 2.5 times more than females, 83 per cent of which is attributed to gender-based discrimination and 95 per cent of the gap between the earnings of male and female casual wage workers is due to discrimination. According to the report, gender discrimination is the reason for 98 per cent of the employment gap between males and females. Woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices, it said. The report further said that 93 per cent of the gap in earnings of males and females is due to discrimination. Rural self-employed males earn twice of what females earn in rural areas. Male casual workers earn Rs 3,000 per month more than females, 96 per cent of which is attributed to discrimination, it said. As high as 91.1 per cent of the gap in earnings between males and females is explained by discrimination. The academically recognised statistical model applied in the report is now able to quantify the discrimination women face in the labour market. The lower wages for salaried women are due to 67 per cent of discrimination and 33 per cent due to lack of education and work experience, the report said. Oxfam India called on the government to actively enforce effective measures for the protection and right to equal wages and work for all women. The Government of India should also incentivise the participation of women in workforce, including enhancement in pay, upskilling, job reservations and easy return-to-work options after maternity, the report said. What the report finds is if a man and woman starts on an equal footing, the woman will be discriminated in the economic sphere where she will lag behind in regular/salaried, casual and self-employment, said <keyword id="1594237" type="General" weightage="50" keywordseo="amitabh-behar" source="Orion">Amitabh Behar</keyword>, CEO of Oxfam India. "The inequality in the labour market for gender and other social categories, the report finds, is not just due to poor access to education or work experience but because of discrimination," he said. These findings are based on the government data on employment and labour from 2004-05 to 2019-20. The Oxfam India report refers to unit level data from 61st round <keyword id="179132" type="General" weightage="50" keywordseo="national-sample-survey" source="Orion">National Sample Survey</keyword> (NSS) data on employment-unemployment (2004-05), the <keyword id="3429286" type="General" weightage="50" keywordseo="periodic-labour-force-survey" source="Orion">Periodic Labour Force Survey</keyword> in 2018-19 and 2019-20 and All India Debt and Investment Survey by the government. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/online-education-platform-upgrad-acquires-centum-learning-to-upskill-enterprise-workforce/articleshow/94216993.cms">Online education platform upGrad acquires Centum Learning to upskill enterprise workforce</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/fitch-slashes-indias-fy23-gdp-growth-forecast-to-7-from-7-8-earlier/articleshow/94213633.cms?utm_source=google_newsstand&amp;utm_medium=google_rssfeed&amp;utm_campaign=news_referral">Fitch slashes India's FY23 GDP growth forecast to 7% from 7.8% earlier</a>

Self-employed males earn 2.5 times more than females: Oxfam

Mumbai, Apr 16 () Private sector lender IndusInd Bank on Thursday said it has committed Rs 30 crore towards Covid-19 relief efforts. The bank did not specify if it is contributing to any corpus like the PM CARES Fund and limited itself to saying that it is working with both the central and state governments to fight the pandemic. It can be noted that a slew of corporates and banks have announced help to the relief efforts since the outbreak last month. IndusInd Bank said it has supplied relief materials such as face masks, hand sanitisers and gloves to the affected areas to and is also working on facilitating personal protective equipment (PPE) for medical officials on duty. It has also been given a mandate of opening an account towards the collection of contributions towards Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund), an official statement said. Meanwhile, Edelgive Foundation headed by Vidya Shah has also made a pledge to spend Rs 10 crore through NGOs working with vulnerable communities in the June quarter. The foundation has already helped develop the Common Charter for Indian Donor and Philanthropic Community as a founding member. This common platform for action on Covid-19 is developed jointly by Shah, Rohini Nilekani of Arghyam, Rishad Premji of Wipro, Amitabh Behar of Oxfam India and Ford Foundation. Its parent Edelweiss Group has already committed Rs 2.5 crore to the PM CARES Fund and to the Chief Minister's Office in Maharashtra for the same efforts. AA ANSANS

IndusInd Bank pledges Rs 30 cr towards Covid-19 relief efforts

Mumbai, Apr 7 () A section of India Inc on Tuesday appealed all corporate social responsibility initiatives to unite and focus efforts towards protecting the vulnerable sections of the society from the COVID-19 pandemic.IT services major Wipro's chairman Rishad Premji, Edelweiss Foundation's -- the CSR arm of financial services major -- Vidya Shah and Rohini Nilekani of Arghyam have come together and joined hands with global non-profit Oxfam in making the appeal.Th appealed to CSR foundations, funding and philanthropic organisations to focus efforts in protecting the elderly, the sick, the physically challenged, the poor and informal sector, migrant workers, a statement said.A slew of corporates have made announcements of giving and committing money to the newly-created PM-CARES Fund as the number of positive cases in India increased and the government appealed for voluntary contributions.The four entities called on large donors to "pledge for providing more effective support to and strengthening of their civil society partners by introducing flexibilities and undertaking measures in their grant-making and monitoring mechanisms" in the immediate term.The "flexibility" measures include making new grants as unrestricted as possible, so non-profit partners have maximum flexibility to respond to this crisis.Oxfam's chief executive Amitabh Behar said this is precisely the kind of action needed from big names of Indian industry, philanthropies and foundations for the long-term battle against COVID-19 and its economic and social consequences. AA MR

Corporates appeal to unite CSR efforts to protect vulnerable from COVID

Clodagh Kilcoyne/Reuters<ul><li>The world's 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam's latest report on inequality found.</li><li>The richest 1% are more than twice as wealthy as 6.9 billion people, or nearly 90% of the human population, the report estimated.</li><li>A key driver of the wealth gap is that women and girls put in 12.5 billion hours of unpaid care work every day, the Oxfam researchers argued.</li><li>Their recommendations include investing in national care, passing laws to protect and pay care workers, and ending extreme wealth.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">Visit Business Insider's homepage for more stories</a>.</li></ul>The world's 2,153 billionaires are richer than 4.6 billion people - 60% of the global population - combined, according to "<a href="https://oxfamilibrary.openrepository.com/bitstream/handle/10546/620928/bp-time-to-care-inequality-200120-en.pdf">Time to Care</a>," Oxfam's latest report on inequality."Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women," Oxfam India CEO Amitabh Behar <a href="https://www.oxfam.org/en/press-releases/worlds-billionaires-have-more-wealth-46-billion-people">said in a press release</a> ahead of this week's World Economic Forum in Davos, an annual gathering of business, academic, and political leaders."No wonder people are starting to question whether billionaires should even exist," Behar added.The richest 1% are more than twice as wealthy as 6.9 billion people, or nearly 90% of the human population, the report's authors found. The 22 wealthiest men in the world, led by Amazon CEO Jeff Bezos and Microsoft cofounder Bill Gates, possess more wealth than all the women in Africa put together, they added.The Oxfam researchers highlighted a key driver of the issue: women and girls put in 12.5 billion hours of unpaid care work every day, contributing $10.8 trillion to the global economy each year - more than triple the size of the global tech industry, by their estimates."This great divide is based on a flawed and sexist economic system that values the wealth of the privileged few, mostly men, more than the billions of hours of the most essential work - the unpaid and underpaid care work done primarily by women and girls around the world," they said.The authors made several recommendations to narrow the gap: Invest in national care to lessen the burden of care work shouldered by women and girls, pass laws to protect carers' rights and pay care workers a living wage, give carers a say in relevant decisions, challenge regressive and sexist norms, and ensure businesses value care work.Perhaps their most controversial proposal: "End extreme wealth to end extreme poverty."The researchers estimated that if the richest 1% paid another 0.5% in annual taxes on their wealth over the next decade, the money collected could create 117 million jobs in health, education, and care for the elderly and children.The recommendation echoes Democratic presidential candidates Sen. Bernie Sanders and Sen. Elizabeth Warren, and progressive firebrand Rep. Alexandria Ocasio-Cortez, who have called for <a href="https://www.businessinsider.com/wealth-tax-bernie-sanders-elizabeth-warren-difference-explained-chart-2019-10?r=US&amp;IR=T">higher taxes on the wealthy</a> to <a href="https://www.businessinsider.com/alexandria-ocasio-cortezs-tax-plan-would-supply-tens-of-billions-of-dollars-2019-1?r=US&amp;IR=T">redistribute wealth and reduce inequality</a>. Even Gates recently argued that "<a href="https://markets.businessinsider.com/news/stocks/bill-gates-calls-tax-hike-wealthy-new-years-eve-blog-2020-1-1028791394">the rich should pay more</a>."<a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/stop-using-champagne-flutes-this-is-the-best-way-to-drink-champagne-2017-12">Stop using champagne flutes - this is the best way to drink champagne</a></h3>

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Wealth of 5 richest men doubled since 2020; five billion people made poorer: Oxfam

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Self-employed males earn 2.5 times more than females: Oxfam

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IndusInd Bank pledges Rs 30 cr towards Covid-19 relief efforts

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Corporates appeal to unite CSR efforts to protect vulnerable from COVID

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The world's 2,153 billionaires are richer than 4.6 billion people combined, Oxfam says

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