Tag: Job crisis

Since the pandemic hit, claims for unemployment benefits have soared in some countries notably the US and by far less in others, for example, Japan. According to the UN’s International Labour Organization, as job losses escalate, nearly half of the global workforce at risk of losing livelihoods. As a result of the economic crisis created by the pandemic, almost 1.6 billion informal economy workers (representing the most vulnerable in the labour market), out of a worldwide total of two billion and a global workforce of 3.3 billion, have suffered massive damage to their capacity to earn a living. This is due to lockdown measures and/or because they work in the hardest-hit sectors. The first month of the crisis is estimated to have resulted in a drop of 60 per cent in the income of i...