Geneva: International Labour Organisation (ILO) has issued a frightening warning that the closed industries and reduced work hours have put nearly 1.5 billion jobs in jeopardy. ILO warned in its latest report that the biggest hit will be taken by the manufacturing and retail sectors and more than 430 million businesses will have to bear phenomenal losses.
ILO is known as the apex body of the worker and employee unions, operating in countries around the world. This organisation published the report regarding the impact of Coronavirus pandemic on the global employment scenario. The report named ‘COVID-19 and the World of Work’ points to the impending unemployment disaster.
Currently, there are 3.3 billion work opportunities available in the world. Out of these, nearly 2 billion jobs are connected to the Informal Economy. The jobs available in this sector are considered the most unstable and sensitive to changes.
Nearly 1.6 million people with jobs connected with the Informal Economy have taken a major beating in their earnings. ILO informed that the income from these jobs has declined by nearly 60% in view of the lockdown and other measures. The biggest decline in the jobs and income has been observed in the American and African continent. The ILO has expressed concerns, in the report, that incomes in these countries have declined by more than 80%. In contrast, the decline in the European and Central Asian region is 70% and there is a decline of 21% reported from the Asia and Pacific regions.
Guy Ryder, Director-General of ILO, pointed out the dire consequences of the Coronavirus pandemic to the world ‘Millions of people not having jobs means lack of food, security and future, for them. Millions of businesses around the world are on the deathbed. They are left with no savings and there are no avenues to raise funds. This is the terrible reality of the economy. If we all fail to help them collectively, all these businesses and workers will vanish permanently.’
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