34 million jobs lost in Latin America and the Caribbean due to crisis

Photo: ILO
Photo: ILO

The pandemic causes a drastic contraction of employment and income in the region.

The International Labor Organization (ILO) reported that some 34 million jobs were lost due to the coronavirus pandemic in Latin America and the Caribbean

It was also reported that the occupancy rate reached 51.1 percent in the first semester, representing a strong reduction of 5.4 percentage points compared to the record for the same period of the previous year, which represents a historical minimum value.

Similarly, it was shown that exits from the workforce or transitions to inactivity were reflected in the fact that the labor participation rate also registered an unprecedented drop, decreasing from 61.3 percent to 52.6 percent between the first and second quarters. of this year. This implied that 32 million people stopped being economically active.

In its report, the ILO pointed out that since labor income represents, on average, between 70 percent and 90 percent of total family income, these reductions lead to heavy losses in the monetary resources obtained by households with impacts significant on poverty levels.

The organization warned that an amplification of inequalities in the region could be generated in a context of incipient recovery registered in recent weeks, in addition to warning about the drastic contraction of employment, hours worked and income

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