COVID-19 Pandemic Wiped Out 81 Million Jobs: ILO

The Covid-19 pandemic had wiped out 81 million jobs during past one year all over the world, said a report issued from International Labour Organizarion (ILO)

ISLAMABAD, (UrduPoint / Pakistan Point News - 16th Jan, 2021 ) :The Covid-19 pandemic had wiped out 81 million jobs during past one year all over the world, said a report issued from International Labour Organizarion (ILO).

According to ILO preliminary estimate, unemployment rate were increased from 4.4 per cent in 2019 to somewhere between 5.2 per cent and 5.7 per cent during 2020.

According to a new report by the International Labour Organisation (ILO), the economic backlash of the pandemic had a devastating effect on jobs and incomes, mostly young people and women, in Asia and the Pacific.

As per the report, employment levels contracted in nearly all economies with available quarterly data for 2020 as compared to 2019.

The impact of the crisis has been far-reaching, with underemployment surging as millions of workers were asked to work for reduced hours or no hours at all. Overall, working hours in Asia and the Pacific decreased by an estimated 15.2 per cent in the second quarter and by 10.7 per cent in the third quarter of 2020, relative to pre-crisis levels, the report noted.

The noted government efforts to help enterprises retain workers, albeit on reduced hours, have worked to prevent what would otherwise be larger job losses.

"Given the mounting evidence that social protection and employment policies save jobs and incomes, the hope is that the crisis brings about a more permanent and increased investment in elements needed to boost resilience and promote a more people-centred future of work," ILO said.

The report said that working-hour losses were also influenced by millions of persons moving outside the labour force or into unemployment as job creation in the region collapsed.

As per ILO preliminary estimate, unemployment rate could increase from 4.4 per cent in 2019 to somewhere between 5.2 per cent and 5.7 per cent in 2020.

The report also warns that given the scope of the damage to labour markets, the overall size of the fiscal response in the region has been insufficient, especially in the region's developing economies. As a result of fiscal expenditure gaps, the crisis is likely to exacerbate inequalities among countries in the Asia and the Pacific.

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