25 million jobs could be lost as a result of Coronavirus pandemic -ILO

Almost 25 million jobs could be lost worldwide as a result of Coronavirus (COVID-19) pandemic. This is according to a new assessment by The International Labour Congress (ILO).

Mr Guy Ryder, ILO Director-General, said this in a statement on Thursday in Abuja.

”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 coordinated 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 said 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 noted that the three pillars are protecting workers in the workplace, stimulating 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 said the ILO estimated that 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.

According to him, there must be swift and coordinated policy responses to the issue

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