22 Million Jobs have been Lost Amidst the Pandemic

As per the trusted sources of information, around 22 million jobs have been lost by several individuals in developed economies amidst the corona virus Pandemic, as stated on Wednesday by the Organization for Economic Cooperation and Development.

The annual employment outlook by the OECD stated that the job retention schemes were applied during the corona virus was at its peak which helped in saving about 21 million jobs over the Pandemic. However, even the economically rich countries are at a risk of facing long term unemployment rates as there are several low skilled workers who were displaced during the and are struggling to find new job vacancies.

Head of OECD’s income and job division, Stephane Carcillo, stated that several jobs that have been lost during the cannot be recovered. In the month of May, this year, the rate of unemployment among the OECD companies dropped to 6.6% but remained at least 1% over the pre-Pandemic levels. Out of the 22 million unemployed people, 14 million have been considered as inactive whereas, the remaining 8 million are unemployed.

As stated by the OECD, the overall rate of employment across the member countries doesn’t seem to return back to normal till the third quarter of the year 2023. However, the countries in Asia Pacific region are more likely to handle the situation in a better way and improve in a shorter span of time.The impact of the underemployment conditions is likely to be faced worse by women as well as the low skilled workers, who have been working in the sectors that have been hard hit by the Pandemic.