The International Labour Organization(ILO) has warned that about 25 million people could lose their jobs worldwide over the Coronavirus pandemic.
Mr Guy Ryder, ILO Director-General, disclosed this in a statement on Thursday in Abuja after necessary findings.
According to his statement, the situation is no longer only a global health crisis, but a major labour market and economic crisis that is having a huge impact on people.
His statement reads;
” An initial assessment of the impact of COVID-19 on the global world of work says the effects will be far-reaching, pushing millions of people into unemployment, underemployment and working poverty, and proposes measures for a decisive, coordinated and immediate response”
“The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million”
“However, if we see an internationally co-ordinated policy response, as happened in the global financial crisis of 2008 and 2009, then the impact on global unemployment could be significantly lower, ”
“These measures include extending social protection, supporting employment retention such as 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.”
Ryder also said the ILO estimated that between 8.8 and 35 million additional people would be in working poverty worldwide, compared to the original estimate for 2020, which projected a decline of 14 million worldwide.