The latest business continuity news from around the world

International Labour Organization outlines catastrophic effect of COVID-19

The COVID-19 pandemic is having a catastrophic effect on working hours and earnings, globally. A new ILO report highlights some of the worst affected sectors and regions, and outlines policies to mitigate the crisis.

Key points from the report include:

  • The COVID-19 crisis is expected to wipe out 6.7 percent of working hours globally in the second quarter of 2020 – equivalent to 195 million full-time workers.
  • Large reductions are expected in the Arab States (8.1 percent, equivalent to 5 million full-time workers), Europe (7.8 percent, or 12 million full-time workers) and Asia and the Pacific (7.2 percent, 125 million full-time workers).
  • Huge losses are expected across different income groups but especially in upper-middle income countries (7.0 percent, 100 million full-time workers). This far exceeds the effects of the 2008-9 financial crisis.
  • The sectors most at risk include accommodation and food services, manufacturing, retail, and business and administrative activities.
  • The eventual increase in global unemployment during 2020 will depend substantially on future developments and policy measures. There is a high risk that the end-of-year figure will be significantly higher than the initial ILO projection, of 25 million.
  • More than four out of five people (81 percent) in the global workforce of 3.3 billion are currently affected by full or partial workplace closures.

“Workers and businesses are facing catastrophe, in both developed and developing economies,” said ILO Director-General Guy Ryder. “We have to move fast, decisively, and together. The right, urgent, measures, could make the difference between survival and collapse.”

The ILO Monitor 2nd edition: COVID-19 and the world of work , which describes COVID-19 as “the worst global crisis since World War II”, updates an ILO research note published on 18 March. The updated version includes sectoral and regional information on the effects of the pandemic.

Large-scale, integrated, policy measures are needed says the ILO, focusing on four pillars: supporting enterprises, employment and incomes; stimulating the economy and jobs; protecting workers in the workplace; and, using social dialogue between government, workers and employers to find solutions, the study says.

“This is the greatest test for international cooperation in more than 75 years,” said Ryder. “If one country fails, then we all fail. We must find solutions that help all segments of our global society, particularly those that are most vulnerable or least able to help themselves.”

“The choices we make today will directly affect the way this crisis unfolds and so the lives of billions of people,” he added. “With the right measures we can limit its impact and the scars it leaves. We must aim to build back better so that our new systems are safer, fairer and more sustainable than those that allowed this crisis to happen.”

www.ilo.org



Want news and features emailed to you?

Signup to our free newsletters and never miss a story.

A website you can trust

The entire Continuity Central website is scanned daily by Sucuri to ensure that no malware exists within the site. This means that you can browse with complete confidence.

Business continuity?

Business continuity can be defined as 'the processes, procedures, decisions and activities to ensure that an organization can continue to function through an operational interruption'. Read more about the basics of business continuity here.

Get the latest news and information sent to you by email

Continuity Central provides a number of free newsletters which are distributed by email. To subscribe click here.