CSR Risk and Covid-19: Falling World Labour Income!
In its previous edition, published on 30 June last year, the ILO predicted a fall of 14% in working hours in the second quarter of 2020: the latest estimate revalues this figure to 17.3%, i.e. a reduction in working hours. loss of 495 million full-time equivalent direct jobs.
The outlook for the last quarter is also deteriorating: overall losses are now estimated at 8.6%, compared with 4.9% in the previous version.
According to the authors, the decline in employment is mainly due to the effect of inactivity 94% of workers live in countries where workplace closure measures exist in some form and, although some restrictions have been relaxed, the consequences still have a major economic impact.
The National economic recovery plans This would have reduced the impact by 0.8%... but these plans were mainly implemented in high-income countries.
The developing countries Since social protection systems are generally much more limited in order to compensate for the loss of income caused by the decline in working time, measures are often financed by redistributing existing budgetary resources (decrease in investment, reduction in the wage bill of the civil service, etc.).
According to World Bank experts, for the first time in over 20 years the number of people living in extreme poverty (<1.90 USD/day) will increase: +115 million from 2020.
To go further...
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