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Half of global workforce at risk for unemployment

The economic crisis caused by the coronavirus pandemic has already wreaked havoc across the globe, but the International Labor Organization, which is the United Nations Employment Agency, warns that half of all workers in the world are in immediate danger of losing their jobs.

In a new report filed by the organization’s leaders, they claim that “the livelihood of 1.6 billion people, which accounts for half of the global workforce, is in danger. Without alternative income, these employees and their families have no chance of surviving.”

According to the pessimistic report, “Worldwide total working hours are expected to decline by 10.5 percent, equivalent to 305 million full-time jobs.”

Today, 60 percent of the workforce is in countries where there is a closure due to the coronavirus, making it difficult for many workers to find an alternative source of income.

Organizations and enterprises are also at risk of closure or significant reduction, with at least 400 million organizations and enterprises around the world being severely affected by the coronavirus crisis, according to the International Labor Organization’s report.

International Labor Organization Secretary-General Guy Ryder said:

“For millions of workers, lack of income means lack of food, lack of security and lack of future. Millions of businesses in the world barely breathe. They have no savings or access to credit. This is the real face of the world of labor. If we don’t help them now and quickly, they’ll just go extinct.”