GENEVA - The coronavirus pandemic is taking a heavier toll on jobs than previously feared, the UN said Wednesday, with hundreds of millions of jobs lost and workers suffering a "massive" drop in earnings.
"The impact has been catastrophic," ILO chief Guy Ryder told reporters in a virtual briefing, pointing out that global labour income had shrunk by 10.7 percent during the first nine months of the year compared to the same period in 2019. In addition to the health challenges, lockdowns, travel restrictions and other measures taken to rein in the virus have had a devastating impact on jobs and income across the globe.
It explained that workers in developing and emerging economies, especially those in informal jobs, had been much more affected than in past crises. If second waves of infections bring tighter restrictions and new lockdowns, he said, "the impact on the labour market could be comparable to the magnitude we saw in the second quarter of this year".
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