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Covid-19 has pushed job loss to 22 million Plus as per OECD

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About 22 million jobs disappeared by the end of 2020 in industrial nations. The Paris-based institution said a full recovery to pre-pandemic levels of employment won’t come until the end of next year.

 

The Organisation for Economic Co-operation and Development (OECD) has said in a report.  There are still over 80 lakh people unemployed than before the COVID-19 pandemic, OECD added.

 

But this light burns more brightly for some than others. We know that the COVID-19 pandemic has deepened already existing social and economic divides, between those with high skills and high incomes and those without, between generations, between men and women, between those with good jobs and those with precarious jobs or no jobs at all.

 

Unemployment is high and jobs are not expected to make a rapid recovery. Reaching pre-pandemic employment rates may take several years.

 

The findings indicate that the coronavirus crisis accelerated a number of trends that started over the past decade, including growing income inequality, a shift towards more technically demanding jobs and fewer secure employment opportunities for lower-skilled workers.

 

Labor markets in developed nations have recovered only half of the loss of employment they suffered in the pandemic, with the young and low-skilled hurt most.

 

That’s the conclusion of a 400-page study by the Organization for Economic Cooperation and Development, which found that about 22 million jobs disappeared by the end of 2020 in industrial nations. The Paris-based institution said a full recovery to pre-pandemic levels of employment won’t come until the end of next year.

 

The findings indicate that the coronavirus crisis accelerated a number of trends that started over the past decade, including growing income inequality, a shift toward more technically demanding jobs and fewer secure employment opportunities for lower-skilled workers.

 

“Failing to address inequality and exclusion now is likely to result not only in deeper social divisions but will have negative ramifications for productivity and economic recovery,” said Stefano Scarpetta, the OECD’s director for employment, labor and social affairs.

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