(Pooja Dubey, Intern Journalist) In the first three quarters of 2020, the global Covid-19 epidemic hit a sharp decline of 10.7 percent or $ 3,500 billion in workers’ income globally. The International Labor Organization (ILO) gave this information.
Covid-19 has caused a huge loss of labor hours. This has led to a decline in the income of workers worldwide. Globally, in the first three quarters of 2020, workers’ earnings declined by 10.7 percent, or $ 3,500 billion, compared to the same period in 2019. These figures do not include income support provided through government measures.
The ILO said that “the most losses occurred in low-middle-income countries, where the income loss of workers reached 15.1 percent. Covid-19 and World of Labor state that the loss of work hours in the first nine months of 2020 has been much higher than previously estimated.”
The global working hours in the second quarter of the current year as compared to the fourth quarter of 2019 stood at 17.3 percent, equivalent to 49.5 million full-time equivalents (FTE) employment. The loss of working hours in the third quarter of 2020 is expected to be at a high of 12.1 percent or the equivalent of 34.5 million FTE jobs. The ILO stated that the loss of work hours in the fourth quarter of 2020 is estimated to be 8.6 percent compared to the same quarter last year, equivalent to 24.5 million FTE jobs.
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