United Nations shared on Monday Coronavirus hit hard the workforce globally and cost the world about 255 million jobs in one year.
81 million people simply dropped out of the labor market
Chief ILO
The United Nations International Labor Organization (ILO) reported 8.8% of global working hours were lost in 2020, compared to the fourth quarter of 2019.
The ILO said in a statement, the aforementioned toll is,
“Approximately four times greater than the number lost during the 2009 global financial crisis.”
ILO chief Guy Ryder told reporters in a virtual briefing,
“This has been the most severe crisis for the world of work since the Great Depression of the 1930s.”
Although around half of the lost working hours were calculated from reduced working hours for those remaining in employment, the labor market “saw unprecedented levels of employment loss” last year, ILO said.
Official global unemployment shot up by 1.1%, or 33m more people, to a total of 220m and a worldwide jobless rate of 6.5% last year.
Mr Ryder asserted that 81m people did not register as unemployed but “simply dropped out of the labour market.”
Ryder further said, “Either they are unable to work perhaps because of pandemic restrictions or social obligations or they have given up looking for work. And so their talents, their skills, their energy have been lost, lost to their families, lost to our society, lost to us all.”
The lost working hours last year shrank global labor income by a full 8.3%, the ILO said.
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