THE International Labour Organization (ILO) has declared that the novel Coronavirus (COVID-19) has exposed the fragility of the world economies; and mercilessly exposed the deep fault lines in the labour markets.
The Director-General, International Labour Organisation, Guy Ryder, said the human dimensions of the COVID-19 pandemic reach far beyond the critical health response.
According to him, “all aspects of our future will be affected – economic, social and developmental. Our response must be urgent, coordinated and on a global scale, and should immediately deliver help to those most in need.”
He added: “From workplaces, to enterprises, to national and global economies, getting this right is predicated on social dialogue between governments and those on the front line – the employers and workers –so that the 2020s don’t become a re-run of the 1930s.”
Citing the ILO estimates, Ryder pointed out that as many as 25 million people could become unemployed, with a loss of workers’ income of as much as $3.4 trillion; adding, however, that it was already becoming clear that these numbers may underestimate the magnitude of the impact.
He said: “This pandemic has mercilessly exposed the deep faultlines in our labour markets. Enterprises of all sizes have already stopped operations, cut working hours and laid off staff. Many are teetering on the brink of collapse as shops and restaurants close, flights and hotel bookings are cancelled, and businesses shift to remote working. Often, the first to lose their jobs are those whose employment was already precarious – sales clerks, waiters, kitchen staff, baggage handlers and cleaners.
“In a world where only one in five people are eligible for unemployment benefits, layoffs spell catastrophe for millions of families.”
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