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Covid-19: Fear of job loss haunts half of world’s workers as pandemic crisis rages

Bloomberg | Updated on October 20, 2020 Published on October 20, 2020

The UK headquarter office buildings of Citigroup Inc, HSBC Holdings Plc, and Barclays Plc, stand in the Canary Wharf business, financial and shopping district of London. After a pause during lockdown, lenders from Citigroup Inc to HSBC Holdings Plc have restarted cuts, taking gross losses announced this year to a combined 63,785 jobs, according to a Bloomberg analysis of filings   -  Bloomberg

A poll of 12,430 people for the World Economic Forum showed 54 per cent are either very concerned or somewhat concerned that their employment will cease in the next year

More than half of workers around the world are worried about losing their jobs, according to a survey measuring labour-market insecurity wreaked by the coronavirus crisis.

The poll of 12,430 people for the World Economic Forum showed 54 per cent of them are either very concerned or somewhat concerned that their employment will cease in the next year. Respondents were from 27 countries spread around the world, including almost all of the Group of 20 economies.

Also read: Covid resurgence sees world central bankers stick to gloomy tone

The report highlights the collective angst about livelihoods that the coronavirus crisis is breeding just as a new surge in infections in Europe underscores the persistence of the pandemic. The International Labour Organization estimated last month that the damage caused was equivalent to 500 million jobs in the second quarter.

Russians exhibited the deepest unease, with 75 per cent of respondents revealing concern about their employment. In Germany, by contrast, the equivalent outcome was just 26 per cent.

Skilling

The survey by Ipsos of working-age adults, taken between September 25 and October 9, also asked if they can learn and develop skills for the jobs of the future from their current employer. Spain scored highest, with 86 per cent of respondents saying so. Japan, Sweden and Russia were lowest, with fewer than 50 per cent replying that they can learn such skills on the job.

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Published on October 20, 2020
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