Pandemic caused the loss of almost 255 million jobs worldwide

Pandemic caused the loss of almost 255 million jobs worldwide

Pandemic caused the loss of almost 255 million jobs worldwide

The coronavirus pandemic took a huge toll on global jobs last year, the United Nations said Monday, with the equivalent of more than a quarter of a billion lost. In a fresh study, the UN’s International Labour Organization (ILO) found that a full 8.8 percent of global working hours were lost in 2020, compared to the fourth quarter of 2019.

In 2020, “8.8% of global working hours were lost for the whole of last year (relative to the fourth quarter of 2019), equivalent to 255 million full-time jobs.” That represents a loss four times larger than during the 2009 financial crisis, the International Labor Organization (ILO) underlined.

Without considering recent economic support measures, the losses resulted in an 8.3% decline in global labor income, equivalent to $3.7 trillion or 4.4% of global Gross Domestic Product (GDP). Official global unemployment shot up by 1.1 per cent, or 33 million more people, to a total of 220 million and a worldwide jobless rate of 6.5 per cent last year.

The organisation pointed to the uneven impact the crisis had had on the world’s workers, affecting women and younger workers far more than others. Globally, employment losses for women last year stood at five per cent, compared with 3.9 per cent for men.

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