The novel coronavirus (COVID-19) pandemic will eradicate working hours in the second quarter of this year equal to the labor of 195 million full-time workers, the International Labor Organization (ILO) said in a press release on Tuesday
UNITED NATIONS (Pakistan Point News / Sputnik - 07th April, 2020) The novel coronavirus (COVID-19) pandemic will eradicate working hours in the second quarter of this year equal to the labor of 195 million full-time workers, the International Labor Organization (ILO) said in a press release on Tuesday.
"The COVID-19 crisis is expected to wipe out 6.7 percent of working hours globally in the second quarter of 2020 - equivalent to 195 million full-time workers," the release said.
According to ILO, more than four out of five people in the global workforce are already affected by the COVID-19 crisis and the risk that the increase in unemployment by the end of the year will be much more significant than the previously projected 25 million is high.
Massive losses are expected in upper-middle-income countries, accounting for 100 million full-time workers, which exceeds the impacts of the 2008 financial crisis. The Arab states, Europe and Asia and the Pacific will witness more than 140 million losses of full-time job equivalent.
ILO indicated that the sectors of accommodation, food services, wholesales, repair trade, manufacturing, real estate, businesses and arts, employing 1.25 billion workers, would be among the most devastated by the crisis.
The agency further urged for robust policy measures that would concentrate on supporting businesses, employment and incomes, stimulating the economy, protecting workforce and finding solutions through social dialogue between governments and workers.
