ILO says COVID-19 has cost workers globally about $3.8 trillion in lost wages

ILO says COVID-19 has cost workers globally about $3.8 trillion in lost wages

Workers have lost a lot to tie COVID-19, according to statistics provided by the labor organization. In their monthly review, it is estimated that global workers lost trillions in unclaimed wages.

Global workers lost trillions to COVID-19—ILO

The International Labor Congress has said that employees have lost a lot in earnings due to the COVID-19 pandemic. This economic blow according to ILO is worth a little below $4 trillion.

The ILO said women and young employees might be hit because of job losses, wage slash, and low working hours. The organization also said that the hospitality and leisure sectors are the worst hit and may be left behind when everything settles. It warned that there seems to be a looming inequality level among workers after COVID-19.

This Swiss-based commission encouraged nations to take quick and tough decisions to help those who lost their jobs. In its yearly analysis of the worldwide jobs market, it said 9% of job hours were lost in 2020 as against 2019. When aggregated, this totaled to about 260 m jobs globally.

Results show that workers suffer more last year than in two decades

These statistics show that it is five times worse than the 2008 economic crisis. These “ huge employment losses” lead to about 8. 6% decline in Labour wages globally. The research further said that women have been more affected than their male counterparts by these interruptions in the employment market, as research shows that women are more likely to leave their jobs to look for new ones.

However, the ILO said things are set to be normalized with the coronavirus vaccine being released. But the economic effects of the COVID-19 all lead to 4% of job hours in 2021. The ILO advises people to be ready for this economic impact and find other avenues to generate income. It also admonishes financial firms to increase loans and make them more accessible to people.

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