8 May 2024 – On this day, we remember a pivotal moment in human history: workers stood at the forefront of defeating fascism in 1945, as written by ITUC General Secretary Luc Triangle.
What followed was just as important. Workers and their trade unions helped shape a new global order—one grounded in democracy, human rights, trade union rights, and justice.
But today, in 2025, we are once again called to defend democracy against an existential threat. This time, it comes not from fascist regimes but from a cohort of billionaires and far-right politicians, connected through international networks, determined to control global affairs at any cost to society.
The Billionaires’ Coup
At the International Trade Union Confederation (ITUC), which represents 200 million workers in 169 countries and territories, we see the threat clearly. A coalition of tech elites, corporate giants, and far-right political forces is staging what can only be described as a billionaire coup against democracy. These ultra-wealthy actors share a common goal: to exploit the economic despair caused by decades of austerity, dismantle hard-won rights, and attack the democratic institutions built to serve the common good.
Their objective is clear: to wrest power away from the people and concentrate it permanently in the hands of a global oligarchy. They act through political capture, corporate lobbying, and mass disinformation campaigns—tearing apart the social contract that underpins democracy. If they succeed, the consequences for workers, societies, and the planet will be devastating.
The ITUC has sounded the alarm in an open letter to heads of state, governments, and international institutions. Our message is simple: piecemeal solutions are no longer enough. We must stop the billionaire coup and reclaim democracy through a New Social Contract—written by and for working people.
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The Solution: A New Social Contract
This New Social Contract is not a dream—it is a necessity. It was democratically endorsed by trade unions worldwide in 2022. Now, in 2025, we are spotlighting ten urgent demands. These are the very domains the billionaire coup is rapidly undermining—and must be addressed without delay:
1. Universal Fair Taxation
For decades, governments have enabled the richest individuals and corporations to avoid paying their fair share. It’s time to tax wealth and capital fairly, close corporate loopholes, and establish a binding UN tax convention to ensure multinationals pay where they profit.
2. Regulation for Corporations—Not for People
Deregulation has handed power to unelected corporate actors while stripping rights from workers, women, migrants, and minorities. Mandatory due diligence, binding supply chain rules, and stronger limits on corporate influence are essential to restore balance.
3. Quality Public Education for All Children
Education is a right, not a commodity. Governments must reverse austerity, invest in public education, and guarantee fair conditions for teachers and students alike.
4. Public Services for People, Not for Profit
Privatization has eroded essential services and deepened inequality. It must be reversed through massive reinvestment in public infrastructure to rebuild trust and shared prosperity.
5. Healthcare, Pensions, and Social Protection
These are human rights, yet billions lack even basic coverage. Governments must expand funding, restore benefits, and support care workers with decent pay and conditions.
6. Living Wages and Workplace Democracy for All
Stagnant wages and record corporate profits have deepened poverty and injustice. It’s time to secure living minimum wages, strengthen collective bargaining, and protect trade union rights.
7. Climate Action with a Just Transition
Workers face the chaos of climate breakdown while elites plan their escape. We need binding climate plans with job creation commitments, strong labor rights, and union participation.
8. Freedom and Equality for All
Billionaire-backed far-right forces are fueling backlash against women, migrants, LGBTQI+ people, and marginalized communities. Governments must fully implement international commitments like ILO Convention 190 and fund inclusive policies.
9. Peace, Not War
Militarization diverts resources away from real human needs. A peaceful future demands demilitarization and reinvestment in social services, with unions as partners in rebuilding democratic societies.
10. Justice in Migration
Corporations move freely across borders for profit, while migrants face violence, detention, and criminalization. Migrants are workers—not criminals. Safe, legal pathways, equal treatment, and the right to organize are pillars of democratic societies.
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Much of the post-WWII multilateral system has been hollowed out. Mainstream political parties have enabled deregulation, neoliberalism, and neglect—leaving swathes of the population disillusioned and disenfranchised. That vacuum has been eagerly filled by far-right extremists and billionaires alike.
But collapse is not inevitable. There is an alternative.
Together, we can imagine and build a future where power is shared, not hoarded—where economies serve people, not corporations—and where global institutions are accountable to those they were created to serve.
As we honor the sacrifices of those who defeated fascism, we must summon the same courage and solidarity to resist—and defeat—the billionaire coup, and to forge a democratic renewal. The world’s workers are acting. Governments and institutions must follow—before it’s too late.