🧬🦠The COVID-19 pandemic's unparalleled effects on labour markets 🏦 are still being felt throughout the world. According to ILO forecasts, in 2022, the worldwide unemployment rate and employment-to-population ratio would be 0.5 percentage points and 1.5 percentage points,

respectively, above and below the pre-crisis levels of 2019. 📈

Developing nations developed a record number of social protection laws to reduce the pandemic's negative consequences. The COVID-19 Social Protection and Jobs Policy Inventory shows that between January 2020

and January 2022, 3,436 policies relating to employment were implemented. 📰

These policies encompass:
1) Income support policies, such as public works programs or cash transfers to economically active persons.
2) Active labour market policies, which include

entrepreneurship support and training and placement assistance.
3) Firm liquidity support policies, such as tax relief for firms, credit facilities, credit guarantees, corporate tax reductions and relief from social security contributions for firms.

4) Labour regulations defining formal work relationships.

While countries worldwide have put in place an unprecedented number of social protection and jobs policies to mitigate the impacts of the pandemic, much more needs to be done to raise the global quota of employment around

the world.

#niqsf oundation #niqsf #wednesdayfact #decentwork #economicgrowth