ILO: COVID-19 causes devastating losses in working hours and employment
-International Labour Organisation News
The COVID-19 pandemic is having a catastrophic effect on working hours and earnings, globally. A new ILO report highlights some of the worst affected sectors and regions, and outlines policies to mitigate the crisis.
GENEVA: The COVID-19 crisis is expected to wipe out 6.7 per cent of working hours globally in the second quarter of 2020 – equivalent to 195 million full-time workers.
Large reductions are foreseen in the Arab States (8.1 per cent, equivalent to 5 million full-time workers), Europe (7.8 per cent, or 12 million full-time workers) and Asia and the Pacific (7.2 per cent, 125 million full-time workers).
Huge losses are expected across different income groups but especially in upper-middle income countries (7.0 per cent, 100 million full-time workers). This far exceeds the effects of the 2008-9 financial crisis.
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Please click here to access the report entitled ILO Monitor 2nd edition: COVID-19 and the world of work.
International Labour Organisation News, 7 April, 2020, https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_740893/lang--en/index.htm