Reduce inequality within and among countries
The UN explains:
The international community has made significant strides towards lifting people out of poverty. The most vulnerable nations – the least developed countries, the landlocked developing countries and the small island developing states – continue to make inroads into poverty reduction. However, inequality still persists and large disparities remain in access to health and education services and other assets.
The UN has defined 10 Targets and 11 Indicators for SDG 10. Targets specify the goals and Indicators represent the metrics by which the world aims to track whether these Targets are achieved.
Goal 10: Reduce inequality within and among countries
10.1: By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national average
10.2: By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status
10.3: Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regard
10.4: Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equality
10.5: Improve the regulation and monitoring of global financial markets and institutions and strengthen the implementation of such regulations
10.6: Ensure enhanced representation and voice for developing countries in decision-making in global international economic and financial institutions in order to deliver more effective, credible, accountable and legitimate institutions
10.7: Facilitate orderly, safe, regular and responsible migration and mobility of people, including through the implementation of planned and well-managed migration policies
10.a: Implement the principle of special and differential treatment for developing countries, in particular least developed countries, in accordance with World Trade Organization agreements
10.b: Encourage official development assistance and financial flows, including foreign direct investment, to States where the need is greatest, in particular least developed countries, African countries, small island developing States and landlocked developing countries, in accordance with their national plans and programmes
10.c: By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent
The gap between rich and poor is widening, both globally and within countries. The richest 1% globally currently have more wealth than the other 99% of the world, while 70% of people live in countries that have worse inequality than 30 years ago. In developed and developing countries alike, the poorest half of the population often controls less than 10% of its wealth.
High levels of inequality harm economic growth and make poverty reduction more difficult. Unequal societies suffer from increased levels of unemployment, social instability (including households in financial distress and higher divorce rates) and crime. This all equates to a less stable business environment.
What can business do? Agree and implement an acceptable ratio between your highest paid executive earnings and the earnings of your lowest paid workers. Pay a living wage (including your interns and apprentices) to help social mobility. Have equal opportunity policies for your foreign workers.