Context: Recently,the International Labour Organisation conducted a fresh study and said in its release, "The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million.

Key Findings of the Report

• United Nations has raised another serious economic concern that the COVID-19 pandemic has a high possibility of significantly increasing global unemployment, leaving up to 25 million more people out of work, and will dramatically slash workers' incomes.
• "This is no longer only a global health crisis, it is also a major labour market and economic crisis that is having a huge impact on people.
• The agency pointed out that some groups will be disproportionately impacted by the jobs crisis, including youth, older workers, women and migrants, in a way that could increase already soaring inequality.
• In the best-case scenario, 5.3 million more people will be pushed into unemployment.
• In the worst case scenario, 24.7 million more will become jobless, on top of the 188 million registered as unemployed in 2019.
• “By comparison, the 2008-9 global financial crisis increased global unemployment by 22 million.
• A study based on the report suggests that the world should prepare to see a significant rise in unemployment and underemployment in the wake of the pandemic.
• Underemployment is also expected to increase on a large scale, as the economic consequences of the virus outbreak translate into reductions in working hours and wages.
• It said that falls in employment also meant large income losses for workers to the tune of between USD 860 billion and USD 3.4 trillion by the end of 2020. 
• This will translate into falls in consumption of goods and services, in turn affecting the prospects for businesses and economies.
• It estimates that between 8.8 and 35 million additional people will be in working poverty worldwide, compared to the original estimate for 2020 (which projected a decline of 14 million worldwide).

Recommendation given by ILO

• It called for urgent, large-scale and coordinated measures to protect workers in the workplace, stimulate the economy and employment and support jobs and income, including through social protections, paid leave and other subsidies.
• "In times of crisis like the current one, we have two key tools that can help mitigate the damage and restore public confidence. Firstly, social dialogue, engaging with workers and employers and their representatives, is vital for building public trust and support for the measures that we need to overcome this crisis.
• "Secondly, international labour standards provide a tried-and-trusted foundation for policy responses that focus on a recovery that is sustainable and equitable.
• In 2008, the world presented a united front to address the consequences of the global financial crisis, and the worst was averted,We need that kind of leadership and resolve now.

About International Labour Organization (ILO)

• It is a United Nations agency dealing with labour issues, particularly international labour standards, social protection, and work opportunities for all.
• ILO was created in 1919, as part of the Treaty of Versailles that ended World War I, to reflect the belief that universal and lasting peace can be accomplished only if it is based on social justice. It became specialized agency of the United Nations in 1946.
• The Headquarter of ILO is in Geneva, Switzerland.
• It is a tripartite organization, the only one of its kind bringing together representatives of governments, employers and workers in its executive bodies.
• Since 1919, the International Labour Organization has maintained and developed a system of international labour standards aimed at promoting opportunities for women and men to obtain decent and productive work, in conditions of freedom, equity, security and dignity.
• In 1969, ILO received the Nobel Peace Prize for improving fraternity and peace among nations, pursuing decent work and justice for workers, and providing technical assistance to other developing nations.
• India is a founder member of the International Labour Organization.