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The COVID -19 pandemic has ruthlessly exposed the profound failures of our labor markets
COVID -19 pandemic
The human factor of COVID-19 pandemic is beyond the scope of healthy response. All aspects of our future are affected: economic, social and development. Our response is urgent, coordinated and global, and we need to immediately pay attention to the people who need it most.
To do this successfully in all areas of the domestic and foreign economy (from the workplace to the enterprise), it requires the government and the front line: social interaction between employers and workers. Therefore, 2020 is not a repetition of the 1930s. The International Labor Organization (ILO) predicts that 25 million people will be unemployed, with a revenue loss of US $ 3.4 trillion. However, it has been seen that the amount of calculation is less than the magnitude of the impact.
This epidemic has ruthlessly exposed the serious failure of our labor market. Companies of all sizes have closed, reduced working hours and fired employees. Many are on the verge of collapse. Their job is unknown and sometimes unemployed: street vendors, waiters or kitchen and cleaning staff.
In a world where only one in five people are entitled to unemployment, dismissal has had disastrous consequences for millions of families. In many cases, we are unable to obtain paid sick leave, and all nursing staff and maternity depend on us, but even if we are sick, we are under pressure to continue working. All of us are suffering from this situation. Not only has the spread of the virus increased, but in the long run, the cycle of poverty and inequality has increased dramatically.
If the government takes decisive action to ensure business continuity, prevent layoffs and protect vulnerable workers, we have the opportunity to save millions of jobs and businesses. The decision you make today will determine the future social and economic health.
Unprecedented expansion of monetary and monetary policy is essential to prevent the current recession from falling into a long-term recession. We want to make sure that people have enough money in their pockets. To do this, you need to ensure that your business (which is the source of income for millions of workers) floats during the recession and keeps functioning as conditions permit. Specifically, you need to take measures to deal with the most vulnerable workers, such as your own account workers, part-time workers, temporary workers, unemployed people or people who are not eligible for health insurance.
When the government tries to quell the epidemic, it needs to take special measures to protect the millions of medical workers who threaten its health every day. Carriers and marines supplying medical equipment and supplies must be properly protected. Telecommunications provide workers with opportunities to continue to work and remain active during times of crisis. However, workers must be able to negotiate terms to maintain a balance with other duties, such as caring for children, patients, the elderly, and of course taking care of themselves.
Many countries have adopted unprecedented incentives to protect society and the economy and maintain the cash flow of workers and businesses. In order to optimize the effectiveness of these measures, the government must work with employer groups and groups to find feasible solutions to protect the safety of the people and protect employment.
These measures include income support, provision of temporary employment conditions for more formal employees, tax relief for self-employed people, and financial support for the company.
In addition to strong domestic measures, major multilateral actions must also be the basis for the world ’s response to the world ’s enemies. The G20 exception virtual summit for COVID-19 is an opportunity to start this coordinated response.
At this difficult time, it is worth remembering that a principle established in the Constitution of the International Labour Organization is poverty. Poverty threatens the prosperity of all people around the world. In the next few years, the effectiveness of our intervention will depend not only on the breadth and speed of cache injection, but also on our efforts to the most vulnerable groups.
Sebastian was born and raised in the busy city of Abbottabad. As a journalist, Saad Mushtaq has contributed to many online publications including the PAK Today and the Huffing Post. In regards to academics, Saad Mushtaq earned a degree in business from the Abbottabad UST, Havelian. Saad Mushtaq follows the money and covers all aspects of emerging tech here at The Hear Up.Thanks