2.5bn jobs could be lost worldwide, International Labour Organization warns

Date:

Share post:

 

2.5 billion jobs could be lost worldwide, warns, The International Labour Organization (ILO). This situation can worsen further if the  Corona virus is not  controlled immediately. Furthermore, The ILO is that the conditions may lead to the recession. Comparatively, the ILO is apprehensive that the recession is more likely to arise of the 1930s. The governments and banks would be impacted the most. They would be under intense pressure to implement reforms.

The lockdown has been executed in almost all the countries. Coronavirus has plagued the world. Hence various countries have been locked for not spreading it further. Consequently, it has resulted in a drop in productivity.

This new development has affected many countries. Various countries are taking off their employees who cannot run companies.  The world would understand the seriousness of the situation only when the unemployment rate exceeds tow digits in US and Europe.

International Labour Organization has released a report: The report says:

America : More than 7 lakh people lost their jobs after the Corona boom. This is seven times higher than the predictions given by the financial experts.  

Europe: 27% have cut their staff in the past week in big and small companies in Britain.

Spain: has the highest unemployment rate of 14% in the world.

Austria’s: unemployment has reached 12 percent.

Germany: hourly wage system is in force. This has reduced companies’ work hours to a record low. Almost 470,000 companies in the country have applied for wage support to the German government.

France: Different companies have asked for government’s assistance. They are unable to pay salaries. Salaries are not paid to 20% workers in the private sector.

Thailand:  One third of the population, around 2.3 crore, people have applied for government-funded cash assistance.

It is estimated that around 80 million people have lost their jobs in two months due to the turmoil created by Corona, despite the current situation in China.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Newsletter Signup

TRENDING

Related articles from Tags

Janaki vs CBFC: A Name, a Narrative, and the Battle for Creative Freedom

Amid rising conversations around censorship and artistic liberty, the recent controversy surrounding the upcoming Malayalam courtroom drama...

Emotional Marketing: The Weapon of Choice for India’s Right-Wing Politics

In an era where public opinion is shaped less by facts and more by feelings, emotional marketing...

Pakistan used Turkish Asisguard Songar Drones targeting Indian military bases

In the latest escalation along the Line of Control and beyond, Pakistan has reportedly deployed Turkish-made Asisguard...

26/11 Mumbai Attacks: Key Accused Tahawwur Rana Extradited to India

In a significant development in the 26/11 Mumbai terror attacks case, Tahawwur Hussain Rana, a key accused...

Machines That Think: Are We Ready for the Age of AGI?

In the rapidly evolving realm of technology, Artificial General Intelligence (AGI) stands as both a beacon of...

From WhatsApp to YouTube: How Fake News Spreads Like Wildfire in India

In a country of over 1.4 billion people, information travels faster than light but so does misinformation....

Myanmar’s Earthquake Tragedy Unfolds – Devastation and Resilience

In the early hours of March 28, 2025, a powerful 7.7-magnitude earthquake struck Myanmar’s central region, sending...

Mystery Surrounds the Death of Pastor Praveen Pagadala: A Community Demands Justice

The sudden and tragic death of Pastor Pagadala Praveen Kumar has sent shockwaves across Andhra Pradesh and...

Is Ganga Water Safe for a Holy Dip? Latest Reports from Maha Kumbh 2025

The purity of the Ganga River’s water, especially during and after large gatherings like the Maha Kumbh...

TTD Enforces Strict Hindu Adherence Among Employees

The Tirumala Tirupati Devasthanams (TTD), which manages the renowned Tirupati temple, has recently taken a significant step...

US Election Results 2024: The Triumph of Donald Trump

In the 2024 US presidential elections, Donald Trump emerged victorious.

Atishi Marlena Singh succeeds Kejriwal as new CM of Delhi

Atishi Marlena Singh has been named the new Chief Minister of Delhi following Arvind Kejriwal’s proposal during...