The coronavirus pandemic is taking a aver toll on jobs than previously feared, with hundreds ofMns of jobs lost and workers suffering a “massive” drop in earnings. Global labour income had shrunk by 10.7% during 9MCY20 compared to 9MCY19. That amounts to a drop of some $ 3.5Tn, or 5.5% of the overall global GDP, the International Labour Organization (ILO) said. It found that by the mid-year point, global working hours had declined by 17.3% compared to Dec’19 — equivalent to nearly 500Mn full-time jobs. That is nearly 100Mn more job-equivalents than the number forecast by the ILO back in Jun’20, when it expected 14% of working hours to be lost by the end of the second three-month period of 2020.
24/9/2020