Corona Of the virus DiseaseThe world economy has collapsed and millions of jobs have been lost. This has had a very negative impact on labor markets. The International Labor Organization (ILO), a United Nations body, has claimed in its report that the impact of the labor market corona has far outweighed its assessment and that there is little room for improvement by the end of the year. The ILO said in its report that the pace of recovery in the labor market is much slower than expected. The ILO report states that the corona virus epidemic has left more than 500 million people unemployed worldwide.
Estimated by the reduction in working hours
The ILO has made this estimate based on the reduction in working hours. According to the report, the number of working hours in the second quarter of this financial year (Q2) has decreased by 17% as compared to the financial year 2019-20. The decline is tantamount to losing 500 million jobs. That is, in the worldwide labor market, about 500 million people have been harmed by the corona virus during working hours. In June, it was estimated that the loss of working hours caused by the corona virus would leave as many as 20 million people unemployed. But the report said more than 100 million people are estimated to be unemployed because of the corona.
Loss of Rs 2 crore 58 lakh crore to workers
The ILO has claimed in its report that the Corona virus epidemic has cost workers worldwide 3.5 3.5 trillion in wages and wages, or about Rs 2.58 crore. Which is more than 5 percent of the GDP of countries around the world. ILO President Guy Ryder said the losses in the labor market were catastrophic. He said that globally, labor income has declined by 10.7 per cent. In June 2020, the ILO estimated that world working hours fell by 4.9 percent in the last quarter of this fiscal year (January-March 2021). But now the organization has raised it to 8.6 per cent. The ILO fears the situation could worsen if another wave of Corona virus occurs.