The ILO report estimated that globally, relative poverty among workers in the informal economy may have jumped from 26% to 59% over the first month of lockdown. This drop earnings has spiked the numbers of working poor across the world. The ILO estimated that in the first month of the pandemic, the overall earnings of informal workers globally may have declined by up to 60%.
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While the impact on workers’ incomes has been huge and poverty has become worse, the crisis has more adversely affected groups in vulnerable situations. In the four years preceding the pandemic, global real wage growth fluctuated between 1.6 and 2.2%. Suggesting that the crisis is likely to inflict massive downward pressure on wages in the near future, the report underlined that the pandemic has already put enormous strain on public health service employees, a majority of whom are women. The ILO’s Global Wage Report 2020-21, published on Thursday, has estimated that the equivalent of 345 million full-time jobs were lost in the third quarter of 2020.
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Monthly wages fell or grew more slowly in the first six months of 2020, as a result of the COVID-19 pandemic, in two-thirds of countries for which official data was available, wherein women and low-paid workers have been disproportionately affected, according to the latest report of the International Labour Organization (ILO).