"Global Working Hours Decrease by 6.7% in Q2... Equivalent to Loss of 195 Million Jobs"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The International Labour Organization (ILO) announced on the 7th (local time) that global working hours are expected to decrease by 6.7% in the second quarter due to measures introduced in response to the novel coronavirus infection (COVID-19). This loss is equivalent to 195 million full-time jobs.

In a report released that day, the ILO stated, "COVID-19 will cause tremendous losses in terms of working hours and employment," forecasting accordingly.

The region expected to suffer the greatest impact is the Arab region, where working hours are projected to decrease by 8.1%. This means 5 million full-time workers will lose their jobs. Europe and the Asia-Pacific region are also expected to see working hours decline by 7.5% and 7.2%, respectively, resulting in a reduction of 12 million and 125 million full-time jobs. The ILO described this as "the most severe crisis since World War II."

The ILO reported that out of the total 3.3 billion jobs worldwide, 2.7 billion people (81%) are affected, and 1.25 billion workers employed in various sectors such as hotels, food service, manufacturing, and retail are in a very vulnerable state. This accounts for 38% of the global workforce.

Due to movement restrictions caused by COVID-19, many companies and stores have closed or reduced operations, leading to a surge in layoffs and reduced working hours. The ILO said, "They are facing reduced working hours, wage cuts, and layoffs."

The ILO initially projected a loss of 25 million jobs this year. However, as the COVID-19 crisis prolonged, ILO Director-General Guy Ryder stated that more than 30 million jobs appear to have disappeared in the first quarter alone. He added, "Workers and businesses in both developed and developing countries are facing a catastrophe," and emphasized, "We must act quickly and decisively together. Accurate and urgent measures can make the difference between survival and collapse."

The ILO stressed, "Policy responses should focus on providing immediate relief to protect workers' livelihoods and businesses capable of economic survival." It also pointed out, "Many of those most affected are already low-wage workers who have limited access to social security," warning that "(employment issues caused by COVID-19) could further negatively impact existing inequalities."

The ILO emphasized that the global unemployment level this year depends on two factors: ▲ the speed of economic recovery worldwide in the second half of the year ▲ effective policies that can boost labor demand.

This content was produced with the assistance of AI translation services.