The sixth report of the International Labor Organization (ILO) on the impact of the COVID-19 pandemic on the world of work confirmed that income from work decreased by 10.7 % around the world, or nearly $ 3.5 trillion in the first nine months of 2020, compared to the same period last year.
ILO also said in its aforementioned report that “the closure of workplaces continues to disrupt the labor market in all parts of the world, leading to the loss of working hours higher than previous estimates”.
According to the report, the revised estimates for the second quarter of 2020 indicated a loss of 17.3 % of working hours globally, equivalent to 495 million full-time jobs, compared to previous estimates of 14 %, equivalent to 400 million jobs.
The same report also added that expectations indicated that the percentage of lost working hours may reach 12.1 % in the third quarter, equivalent to 345 million jobs. Moreover, the revised forecast for the fourth quarter points to a darker outlook than previous estimates”, the report noted.
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