Policy & Economy

Covid-19 Pandemic Puts 25m Jobs at Risk

The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million, according to a new assessment by the International Labour Organization (ILO).

However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008/9, then the impact on global unemployment could be significantly lower.

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: protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.

These measures include extending social protection, supporting employment retention (i.e. 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.

Read the full story from the International Labour Organisation.

Image by Free-Photos from Pixabay

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This is the official news distribution system of AppliedHE. We strive to bring you the latest higher education, skills development and employment stories from around world. We go direct to the source or we highlight important new developments by relying on a diverse range of trusted and independent media sources.

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