The International Labor Organization(ILO) says that the unemployment rates will be more when compared with the WW-II times
The Covid19 pandemic has really created a storm medically, socially and economically. The current statistics are at a total of-
15lakh+ confirmed cases, 90k+ deaths, with the U.S being the epicenter where the death count is increasing day by day.
The International Labor Organization (ILO) has released a bulletin on how the work force is faring at the moment and what steps the governments, institutions and other statutory organizations should take at the moment so that people will not die of hunger!
Latest analysis shows that the impact of the COVID19 pandemic far exceeds that of the 2008-2009 financial crisis. 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.
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 2.5crore.
More than 4 out of 5 people (81 per cent) in the global workforce of 330 crore are currently affected by full or partial workplace closures.
ILO which describes COVID-19 as “the worst global crisis since World War II”,
According to the new study, 125 crore workers are employed in the sectors identified as being at high risk of “drastic and devastating” increases in layoffs and reductions in wages and working hours. Many are in low-paid, low-skilled jobs, where a sudden loss of income is devastating.
Worldwide, 200 crore people work in the informal sector (mostly in emerging and developing economies) and are particularly at risk.
“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 four pillars which are very important for us to concentrate on getting things back on track are-
Coming to developing economies and India:
COVID-19 is already affecting tens of millions of informal workers. In India, Nigeria and Brazil, the number of workers in the informal economy affected by the lockdown. In India, with a share of almost 90 per cent of people working in the informal economy, about 40 crore workers in the informal economy are at risk of falling deeper into poverty during the crisis. Current lockdown measures in India, which are at the high end of the Government Response, have impacted these workers significantly, forcing many of them to return to rural areas.
It is equally upon us as it is on the government to pull ourselves out of this deep hole. My analysis on how a working professional should act in this situation so as he/she will not face the burnt and make themselves shield a bit from this global crisis-
- As many people are on the verge of losing their jobs, its better to upgrade their skills and see how best they can equip themselves to fight the situations post lockdown
- We having everything in our hands, we have internet, google, ideas and other things which are our greatest tools at the moment. We need to check what are the skills we need to upgrade and work accordingly
- India has a strong work force of 40 crore in the informal sector and if at least some of the working population work in upgrading their skillsets then that would be really wonderful
- People should stop blaming the government as there is no point in it. Government is doing its job in curtailing the corona virus pandemic and also working harder to get the economy back on track. It’s we, the strong work force should act accordingly and design strategies and mitigate the risk
We are doing a great thing to the country and the world at large by staying at home and not venturing out, but it’s time we think beyond. We have to foresee what is lying ahead. I always believe in-
“The time of crisis will also bring with it a new set of opportunities”.
Two wonderful opportunities below for people to look into:
- The ODISHA government has flown a circular in the newspaper that if somebody is ready to manufacture-
- PPE kits
- Sanitizers
- Face masks
People should send a sample for the approval and the odisha government will give approval for the order. The requirement is so high and people can benefit from that(a problem always gives an opportunity)
- SIDBI(Small Indutries Development Bank of India) is giving loans up to 2crore for enterprises who can manufacture medical equipment(mostly related to the corona virus). This is also one of a kind opportunity to enterprises, people, entrepreneurs to utilize on full scale.
The underlying point is it’s upon us to utilize the time we’ve on our hands and work on war front basis and be match ready by the lockdown ends and grab the opportunities with both hands rather than cribbing on the situation
As I always end with a quote-
A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty
PK
PK Enterprises
Source: https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_740893/lang--en/index.htm
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