The economic and social risk posed by the COVID-19 pandemic can increase global unemployment by an estimated 25 million people and lead to a labor crisis, says the International Labor Organization.
ILO, in its preliminary assessment report titled ‘COVID-19 and the world of work: Impact and policy responses’, outlined key measures to mitigate the impacts of the pandemic on the labor market and facilitate fast recovery.
– social protection measures;
– employment retention – short-time work, paid leave, and other subsidies;
– financial and tax relief for specific sectors, especially Micro, Small and Medium Enterprises;
– active fiscal policy and accommodative monetary policy;
– lending and financial support to particular industries, including the health sector.
According to the statement, overall losses in labor income are expected in the range of $ 860-3,440 billion.