Almost half of the planet’s workforce risk losing their livelihoods due to the COVID-19 pandemic, the International Labour Organization (ILO) has cautioned.
The ILO states that using the international market in a near standstill, employees in the informal market face losing their earnings without access to social safety protection.
It estimates that 1.6 billion people are in”danger” of dropping between 60 and 80 percent of the earnings. Many of the most under hazard work in service industry businesses, typically in businesses of under ten workers.
“The informal market is the area where six out of ten employees in the world make their living,” ILO director-general Guy Ryder informed Euronews Now. “And they earn their living beyond the range of labor laws and the policy of social security.”
The ILO considers that in the next quarter of the year, reductions in working hours will represent the equal of 305 million jobs being lost.
Ryder explained a change in the trend is only going to occur when nations can emerge from their lockdowns introduced due to the pandemic.
“If these lockdowns start to get lifted, when folks begin getting back to work, I believe we can expect some rather quick improvements in such magnificent figures,” he explained.