400 million workers in India may sink into poverty amid coronavirus pandemic: ILO

Business Today | Apr 9, 2020 at 3:03 AM
  • About 400 million people working in the informal economy in India are at risk of falling deeper into poverty due to the coronavirus crisis which is having “catastrophic consequences”, and is expected to wipe out 195 million full-time jobs or 6.7% of working hours globally in the second quarter of this year, the UN’s labour body has warned.
  • The International Labour Organisation (ILO) in its report titled ‘ILO Monitor 2nd edition: COVID-19 and the world of work’, describes coronavirus pandemic as “the worst global crisis since World War II”.
  • Huge losses are expected across different income groups but especially in upper-middle income countries (7.0%, 100 million full-time workers), far exceeding the effects of the 2008-9 financial crisis, the report warned.