ILO Director General has predicted that 25 million jobs are likely to be lost due to COVID-19 worldwide if countries don’t come up with coordinated efforts to deal with the adverse effects of the pandemic on the world economy.
Most countries are coming up with stimulus packages to cushion affected sectors such as airline and hospitality sectors.
Banks have been advised to avoid repossessing assets of clients who will default on loans.
Likewise, landlords are advised to allow for a three-month window for tenants who will fail to pay rentals.
The US Treasury Secretary, in a closed briefing, has predicted that the unemployment rate in the US may rise up to 20 percent.
The reduction of working hours due to lockdown measures will have a significant impact on the labour market. Source: BBC World Service News.