News By/Courtesy: Nikitha M | 28 Jul 2020 14:08pm IST

HIGHLIGHTS

  • Economic and social impacts of the Pandemic
  • Social Experiments for the future of work
  • Countries affected due to the pandemic

The world of work is being deeply affected by the global virus pandemic. Covid-19 has bought the world of work to its knees. It started as a health pandemic, but the outbreak will create a long-lasting change in the way we live and work. In addition to the threat to public health, the economic and social disruption threatens the livelihood and well-being of millions. With nearly everyone working and studying at home, online video calls have become the only way to stay in touch with students, co-workers, and friends.

The outbreak of coronavirus has forced organizations into perhaps many significant social experiments for the future of work in action, with work from home and social distancing policies with radically changing the way we work and interact. Now that the companies recognize that employees can easily work from home, executives are likely to encourage this behavior.

There is no way anyone could have predicted the worldwide impact of the Covid-19 pandemic on the workforce. The pandemic has made an impact on the economies of many countries which also includes the G7 countries (US, UK, Canada, Japan, France, Germany, Italy). According to the United Nations, millions of people are going to be left unemployed due to this pandemic. Many European governments have a softened rise in unemployment with generous wages subsidies. The United Nation’s International Labour Organization predicts 1.6 billion informal economy workers could suffer massive damage to their livelihood. The impact of Covid-19 has exposed frailties and inequalities of societies. It has been felt hardest by informal workers and by enterprises in high-risk sectors. One of the G7 countries that are most affected by this is the US. The so-called least developed countries whose economies are driven by the sales of raw materials will not be spared either. The unemployment levels, due to Covid-19, rise higher than the Great Depression, with GDP fall by 50%.

As cities and states enact mandatory social distancing measures, many businesses, especially in the hospitality industry and restaurants, have been forced to close. Many organizations have been laying off employees or halting their paychecks. This is the impact of the pandemic in the economic world.

This article does not intend to hurt the sentiments of any individual, community, sect, or religion etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.
 

Section Editor: Pushpit Singh | 28 Jul 2020 23:07pm IST


Tags : Employment

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