Labour Day: Why 'Workers Over Billionaires' Defines the Moment

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From the Haymarket legacy to India’s informal workforce crisis, May Day underscores the growing divide between labour and capital

By SANTOSH KUMAR MOHAPATRA

Bhubaneswar, May 1, 2026 — International Labour Day, observed every year on May 1, is more than a ceremonial occasion—it is a reminder of struggle, sacrifice, and the enduring quest for dignity. Its origins lie in the late nineteenth-century labour movement, particularly in the United States, where industrial workers protested long hours and harsh conditions, demanding an eight-hour workday.

The 1886 Haymarket Affair in Chicago became a defining moment when a peaceful protest turned violent, leading to the execution of labour leaders who later became symbols of workers’ resistance. In 1889, the Second International formally declared May 1 as International Workers’ Day, institutionalising an annual global assertion of labour rights.

In India, May Day was first observed in 1923 in Chennai under the leadership of M. Singaravelu Chettiar. It represents the fight for fair wages, safe working conditions, reasonable hours, and social justice, while recognising labour’s central role in nation-building.

Yet May Day is not just about history—it is about present realities. It reminds us that economic progress depends not only on capital and technology but on the labour, resilience, and skill of people. The slogan “Workers of the world, unite!” continues to resonate alongside contemporary calls for “Social Justice and Decent Work,” reinforcing that labour rights are human rights.

In 2026, however, these principles are under strain. Across the world, workers face informal employment, job insecurity, widening inequality, and the pressures of the gig economy. The World Federation of Trade Unions has called for wage increases, collective bargaining, social protections, and reduced working hours, emphasising unity over division.

Similarly, the International Labour Organization highlights declining real wages due to inflation, leaving millions trapped in poverty and insecurity. It also flags psychosocial risks at work—linked to poor work design, job insecurity, and harassment—as a growing global concern, contributing to significant health and economic losses.

In India, labour conditions reflect deep structural challenges. Nearly 85–90% of the workforce remains in the informal sector, lacking contracts, job security, or social protection. Stagnant wages and rising living costs have made survival increasingly difficult for low-income households. Labour unrest in industrial hubs like Noida and Manesar reflects accumulated distress rather than isolated incidents.

A key driver of this imbalance is contractualisation. Contract workers now account for over 40% of organised manufacturing employment, often earning significantly less than permanent workers and lacking access to basic benefits. This dual labour system shifts risk onto workers while reducing costs for firms.

At the same time, wealth concentration has intensified. Technological shifts, including automation and artificial intelligence, are reshaping employment patterns, often displacing labour. The culture of 24×7 connectivity has further increased stress and burnout, particularly in high-pressure sectors.

Gender inequality remains a major concern. Women continue to face barriers to workforce participation due to unpaid care responsibilities and limited opportunities. A large proportion of workers earn below minimum wage levels, and India’s informality rate remains higher than several emerging economies.

Labour reforms aimed at flexibility have also raised concerns about weakening collective bargaining and restricting the right to protest. Meanwhile, indirect taxation continues to burden workers, even as corporates benefit from tax concessions and financial incentives.

Against this backdrop, the slogan “Workers Over Billionaires” has emerged as a defining call of our times. Popularised in global political discourse, it reflects a fundamental question: should economic systems prioritise wealth accumulation for a few or dignity and security for the many?

The slogan captures anxieties over rising inequality, wage stagnation, and concentrated wealth, while advocating policies such as higher minimum wages, progressive taxation, universal public services, and stronger labour protections. It signals a shift towards grassroots mobilisation against what critics describe as the disproportionate influence of wealth in democratic systems.

The gap between productivity and wages further illustrates the imbalance. While corporate profits—especially in sectors like finance, technology, and infrastructure—have surged, wages as a share of GDP have not kept pace. This suggests that economic gains are increasingly captured by capital rather than labour.

Recent protests by factory workers in Noida’s industrial belt, demanding wage parity with neighbouring states, have brought this debate into sharp focus. Trade unions have also raised concerns over labour codes, calling for stronger safeguards and protections.

The central question remains: who truly benefits from economic growth? If workers—the primary creators of wealth—are denied a fair share, the system risks becoming unstable.

Rebalancing this requires ensuring living wages, expanding social security to all workers, strengthening labour rights, and addressing gender and accessibility barriers. The true spirit of May Day in India will be realised only when all workers—especially those in the informal sector—are guaranteed fair wages, social protection, and safe working conditions.

A society that respects labour is not only more just, but also more stable, resilient, and humane.

(This is an opinion piece. Views expressed are the author’s own. The author is an Odisha-based economist, columnist and social thinker.)