25 Million to Lose Jobs for COVID-19 Pandemic: ILO

A woman speaks on the phone as she walks to work in Singapore. Photo: ILO/Giorgio Taraschi (Representational photo)
A woman speaks on the phone as she walks to work in Singapore. Photo: ILO/Giorgio Taraschi (Representational photo)

The economic and labour crisis created by the coronavirus or COVID-19 pandemic could increase global unemployment by almost 25 million, according to a new assessment by the International Labour Organization (ILO).

However, according to ILO, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008/9, then the impact on global unemployment could be significantly lower.

“This is no longer only a global health crisis, it is also a major labour market and economic crisis that is having a huge impact on people,” said ILO Director-General Guy Ryder.

The preliminary assessment note, COVID-19 and the world of work: Impacts and responses, calls for urgent, large-scale and coordinated measures across three pillars: protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.

These measures include extending social protection, supporting employment retention (i.e. short-time work, paid leave, other subsidies), and financial and tax relief, including for micro, small and medium-sized enterprises.

In addition, the note proposes fiscal and monetary policy measures, and lending and financial support for specific economic sectors.

Support RMN News Service for Independent Fearless Journalism

In today’s media world controlled by corporates and politicians, it is extremely difficult for independent editorial voices to survive. Raman Media Network (RMN) News Service has been maintaining editorial freedom and offering objective content for the past more than 12 years despite enormous pressures and extreme threats. In order to serve you fearlessly in this cut-throat world, RMN News Service urges you to support us financially with your donations. You may please click here and choose the amount that you want to donate. Thank You. Rakesh Raman, Editor, RMN News Service.

RMN News

Rakesh Raman