COVID Cult Lockdowns Have Caused Workers $3.5 Trillion (!) in Lost Income

Lockdown cult is nothing but a top-down class war

The devastating losses in working hours caused by the COVID-19 pandemic have brought a “massive” drop in labour income for workers around the world, says the International Labour Organization (ILO) in its latest assessment of the effects of the pandemic on the world of work.

Global labour income is estimated to have declined by 10.7 per cent, or US$ 3.5 trillion, in the first three quarters of 2020, compared with the same period in 2019. This figure excludes income support provided through government measures.

The biggest drop was in lower-middle income countries, where the labour income losses reached 15.1 per cent, with the Americas the hardest hit region at 12.1 per cent.

The ILO Monitor: COVID-19 and the world of work. Sixth edition, says that the global working hour losses in the first nine months of 2020 have been “considerably larger” than estimated in the previous edition of the Monitor (issued on 30 June).

For example, the revised estimate of global working time lost in the second quarter (Q2) of this year (when compared to Q4 2019) is for 17.3 per cent, equivalent to 495 million full time equivalent (FTE) jobs (based on a 48-hour working week), whereas the earlier estimate was for 14 per cent, or 400 million FTE jobs. In Q3 of 2020, global working hour losses of 12.1 per cent (345 million FTE jobs) are expected.

The outlook for Q4 has worsened significantly since the last ILO Monitor was issued. Under the ILO’s baseline scenario, global working-hour losses are now projected to amount to 8.6 per cent in the fourth quarter of 2020 (compared to Q4 2019), which corresponds to 245 million FTE jobs. This is an increase from the ILO’s previous estimate of 4.9 per cent or 140 million FTE jobs.

One reason for the estimated increases in working-hour losses is that workers in developing and emerging economies, especially those in informal employment, have been much more affected than by past crises, the Monitor says.

It also notes that the drop in employment is more attributable to inactivity than to unemployment, with important policy implications.

While many stringent workplace closures have been relaxed, there are significant variations between regions. 94 per cent of workers are still in countries with some sort of workplace restrictions, and 32 per cent are in countries with closures for all but essential workplaces.

Source: International Labour Organization

  1. ke4ram says

    Most Government parasites haven’t lost a penny. Law Enforcement thugs / Courts are getting much overtime enforcing dicktators “rules”.

    You might want to consider that the ILO is a UN organization.

  2. disqus_3BrONUAJno says

    One cannot lose income one has not made.
    “Lost” income is less of a problem for those who hadn’t spent it yet.

  3. Иван says

    If you need money, just ask Bill Gates. He is a philanthropist right?)))

  4. cechas vodobenikov says

    even Colombia with 51,000 people and 1 million c19 cases has only 30,000 deaths; Spain with 47 million people and the most restrictive covid fascism measures has 1 million cases but more than 35, 000 deaths—-Spain and Colombia have universal health care and Colombia a poorer nation with wealth/income disparities comparable to USA suffers from poorer access in rural regions

    1. TruthSeeker says

      You don’t really believe their statistics do you, only real Covidians believe, it is now a CULT, as it was of course designed to be from the beginning. This whole Psyop is easy to see when you pull back the veil…The Emperor has NO CLOTHES….!

  5. plamenpetkov says

    relax, it’s ALL be design. Capitalism cant function no more cuz it’s got nobody left to exploit, so they want to totally crash the system, then reboot it in their liking. So stop with the weepy stories. ok?

    1. disqus_3BrONUAJno says

      Capitalism was murdered by Alexander Hamilton in the early 19th century.

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