The International Labour Organization (ILO) estimates that around half of the global workforce – roughly around 1.6 billion – are in “immediate danger of losing their livelihoods ” due to the economic impact of coronavirus.
UN Agency is of the view that around 2 billion out of a total workforce of 3.3 billion works in the “informal economy”, mainly on short-term contracts or self-employment, and have already suffered a 60% decline in their wages in the first month of the pandemic. 1.6 billion of Workforce are on high risk of losing their livelihoods.
Moreover, around 430 million small to medium enterprises in high impact sectors like retail and manufacturing risk “serious disruption to global economy”, ILO added.
Guy Ryder, ILO Director-General has said that there is a need to protect the world’s most risky workers amid the pandemic. “For most of the labour force, no job means no food, no healthcare and no future. Millions of businesses around the world are barely working. They have no savings or access to banking credit”, he said.
ILO made a request for “urgent, targeted and flexible measures” to support both lower segment workers and small business, particularly in the informal economy.