The coronavirus pandemic has led to massive labor income losses all over the world, that’s according to the International Labour Association ILO. Workers lost almost 11 percent of their income in the first three quarters of 2020. That’s a total of 3.5 trillion dollars. Lockdown measures and closed factories and offices have affected almost everyone, but lower-middle income countries have been hit hardest.
The ILO estimates that in the second quarter of 2020, 17.3 percent of working hours were lost worldwide due to the coronavirus measures, including the closure of construction sites, factories, and offices. In terms of employment, that means a total of 495 Mmillion jobs have been lost.
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