Corona: ‘Working poverty’ a new term introduced in Pandemic
Covid-19 has affected the world in various ways, one of them is affecting the world economy.
The entire world is badly shaken by the after-effects of the pandemic, the developed countries have faced numerous losses, whereas the underdeveloped countries are still struggling to get the vaccine.
The partial ability of most developing and emerging economies to support strong financial incentive measures which will also take its toll. In those countries, the quality of newly created jobs would likely worsen.
The fall in employment and hours worked has meanwhile translated into a sharp drop in labor income and a rise in poverty.
Paralleled to 2019, 108 million more workers around the world were categorized as poor or extremely poor, meaning they and their families live on less than $3.20 per person per day, the study showed.
“For many millions of people, the working hour losses combined with a lack or absence of social protection” had sparked an “absolutely dramatic” increase in working poverty, stated ILO chief Guy Ryder.
Five years of progress towards eliminating ‘working poverty had been undone.
Unfortunately, he said, the crisis also appeared to have reversed decades of progress battling child labor and forced labor.
The report highlighted how the COVID-19 crisis had worsened pre-existing inequities by hitting helpless workers harder.
Economic ‘long COVID’
For among the billion individuals who work within the informal sector, in which social protections are normally lacking, the disruption has had catastrophic effects on their family earning and livelihoods.
The disaster has additionally disproportionately hit women, who’ve fallen out of the labor marketplace at an extra fee than men, while they’ve taken on more of the extra burden of caring for out-of-school children and others.
The report warned, the threat of a “re-rationalization” of gender roles. Youth employment in the meantime fell 8.7 percent a closing year — greater than double the 3.7 percent for older workers.
“The consequences of this delay and disruption to the early labour market experience of young people could last for years,” the ILO said.
Ryder cautioned that without conclusive action, the COVID-19 crisis could scar the global labor market long-term, just as the disease appears to have devastating, drawn-out health consequences for some people.
“Long COVID could become an economic and social phenomenon, not just a medical one,” he warned.
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