The International Trade Union Confederation (ITUC) has accused the alliance of tech elites, corporate giants and far-right political forces of pursuing a shared objective to exploit economic despair, shift power away from the people and entrench it permanently in the hands of a global oligarchy.

The ITUC General Secretary, Luc Triangle, said those advancing what he described as a ‘billionaire coup against democracy’ are pursuing a shared objective to exploit economic despair caused by decades of austerity politics, dismantle hard-won rights and assault democratic institutions that were painstakingly built to serve the common good.

He alleged that through political capture, corporate lobbying and disinformation campaigns, they are tearing apart the social contract upon which democracy stands. He warned that if they succeed, the consequences for workers, communities and the planet will be catastrophic.

The ITUC has sounded the alarm in an open letter to heads of state, governments and international institutions. It argued that the time for half-measures is over, saying: “We must stop the billionaire coup and take back democracy through a new social contract written for working people, by working people.”

According to the workers’ organisation, the new social contract is not a dream, but a necessity.

“It is also a framework democratically adopted by trade unions around the world in 2022. Now in 2025, we are drawing attention to ten of its concrete demands. These ten policy areas are those which the billionaire coup is working rapidly to undermine and thus which must most urgently be addressed,” it stated.

ITUC noted that for decades, governments have allowed the richest individuals and corporations to avoid paying their fair share, insisting that it is time for the fair taxation of wealth and capital, the closure of corporate tax loopholes, and a binding United Nations Framework Convention on Tax to ensure multinational corporations pay taxes where they earn their profits.

ITUC maintained that regulation is for corporations, not for individual lives, adding that deregulation has handed power to unelected corporate actors while stripping rights from workers, women, migrants and minorities.

According to the ITUC, mandatory due diligence, binding instruments on supply chains and stronger regulation of corporate lobbying are essential to restore balance.

It also advocated for public, good-quality education for all children.
“Education is a right, not a commodity. Governments must reverse austerity, invest in public education, and ensure fair conditions for teachers and students alike. Public services for the people, not for profit. Privatisation has eroded essential services, deepening inequality.

Privatisation must end and be replaced by a massive reinvestment in public infrastructure to rebuild trust and prosperity. Healthcare, retirement and social protections. This is a human right, yet billions lack even basic social protection coverage. Governments must expand funding, restore benefits and support health and care workers with fair wages and decent conditions,” it stated.

While calling for living wages and workplace democracy for all, ITUC noted that stagnant wages and soaring corporate profits have deepened poverty and injustice.