Coronavirus to Cost 400 Million Jobs in Second Quarter - UN

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  • The International Labor Organization (ILO) says the coronavirus pandemic is expected to have caused a 14% drop in global work-hours in the second quarter of 2020
  • The UN's labor agency said this represents 400 million full-time job losses globally, using a standard 48-hour work week
  • This is a sharp increase from the 10.7% fall in work-hours or 305 million job losses earlier forecasted by the organization for the same period
  • In the latest edition of the organization's "COVID-19 and the world of work," the ILO said the Americas were the most affected region, with an estimated loss of over 70 million full-time jobs
  • The ILO said the shorter working hours, temporary leave, and massive layoffs were responsible for the decline