Coronavirus: Why 25 million People May Lose Their Jobs Globally – Labour

An estimated 25 million people may lose their jobs worldwide as a result of Coronavirus pandemic, the International Labour Organization(ILO) has warned.

Through it’s Director-General, Mr Guy Ryder, ILO disclosed this, in a statement today in Abuja, after necessary findings.

According to him, certain groups would be seriously affected, especially the less privileged and low pay-workers

He noted that the situation is not only a global health crisis but also affects the labour market and economic crisis that is having a huge impact on people.

“An initial assessment of the impact of COVID-19 on the global world of work says the effects will be far-reaching, pushing millions of people into unemployment, underemployment and working poverty, and proposes measures for a decisive, coordinated and immediate response.

“The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million

“However, if we see an internationally co-ordinated policy response, as happened in the global financial crisis of 2008 and 2009, then the impact on global unemployment could be significantly lower, “he said.

He noted that 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.

He said there are three pillars protecting workers in the workplace, and helping to stimulate the economy and employment, and supporting jobs and incomes.

“These measures include extending social protection, supporting employment retention such as 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,” he added.

Ryder also stated that the estimates of between 8.8 and 35 million additional people would be in working poverty worldwide, compared to the original estimate for 2020, which projected a decline of 14 million worldwide.

He further noted that swift and co-ordinated policy responses to the issue must be taken.