The UN on Wednesday projected that 25 million people worldwide may lose their jobs due to the corona Pandemic. In its assessment report titled “COVID-19 and world of work: Impacts and responses”, the International Labour Organization (ILO) calls for urgent, large-scale and coordinated measures across three pillars – protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
The ILO proposed extending social protection, supporting employment retention(Part-time work, paid leave, other subsidies), and financial and tax relief, including for micro, small and medium-sized enterprises for the general populace.
The Covid-19 has inflicted a devastating blow to the economy, with a real test of the economic stability of many countries. The US President Trump on Thursday signaled the world is on the verge of a great economic recession.
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