Skip to main content

CNN: 60 million Europeans could suffer furloughs, layoffs or wage cuts

CNN: 60 million Europeans could suffer furloughs, layoffs or wage cuts
gray pen beside coins on Indian rupee banknotes
London (CNN Business)Nearly 60 million jobs across the European Union and the United Kingdom are at risk from the coronavirus pandemic, according to McKinsey.
Under a scenario in which Europe fails to contain the virus within three months and is forced to continue social distancing measures through the summer, the EU unemployment rate will peak at 11.2% in 2021, with a full recovery unlikely until 2024.
The consulting firm warns in a report published Monday that the EU unemployment rate could soar from around 6% to more than 11% and remain elevated for years if the disease is not quickly contained.
McKinsey estimates that one in four jobs across the European Union and the United Kingdom are at risk of a reduction in hours or pay, temporary furloughs or permanent layoffs. Professions that do not require close contact with others, including accountants and architects, are considered low risk, along with those that provide essential services such as police.
22 million Americans have filed for unemployment benefits in the last four weeks. Some 55 million workers are employed in high risk professions, including retail cashiers, cooks, construction workers, hotel staff and actors. Roughly 80% of jobs considered at risk are held by people who do not have a college degree, with employees of smaller companies in particular danger.

Read more: https://edition.cnn.com/2020/04/19/business/europe-jobs-coronavirus-mckinsey/index.html
Labels:

Comments

Post a Comment

Popular posts from this blog

Italy: Firms shake lockdown using shortcut in coronavirus law

Italy: Firms shake lockdown using shortcut in coronavirus law The government last week extended non-essential business closures to May 3. But more than 100,000 mainly small- and medium-sized companies have applied to keep going or partially reopen. In principle, a key hurdle for companies to do business should be that they can prove they are part of a supply chain to businesses that are deemed “essential” in a government decree, such as food, energy or pharmaceutical companies. But the government, facing a backlog of applications, has clarified Italy’s lockdown laws to say no companies need to wait for government approval to go ahead. More than 105,000 firms have applied to be considered part of essential supply chains, the interior minister said on Wednesday, in a guideline on its website to clarify the lockdown rules. Of those, just over 2,000 have been turned down and told to suspend their business. More than 38,000 are being investigated and the rest are waiting to be...
Post a Comment
Read more

German government overreacted on COVID-19

German government overreacted on COVID-19 Christian Drosten, director of Berlin's Institute of Virology at the Charité Hospital, spoke to The Guardian on Sunday, days after the country began lifting some lockdown restrictions. Germany's lockdown started to lift on April 20, with the opening of smaller businesses like car dealerships, bike shops, and book stores. The country plans to start reopening schools on May 4. Drosten said he felt like the government was being pressured to reopen, and that he feared that a blasé attitude toward the relatively tame outbreak in Germany could lead to a new burst of infections.  The basic reproduction number, also known as R0, represents the average number of people a single patient is expected to infect and is a key figure to measuring countries' outbreak. You can read Business Insider's explainer to it here. More: https://www.businessinsider.com/germany-coronavirus-restrictions-so-effective-people-think-overreaction...
Post a Comment
Read more

Volkswagen factory just reopened

Volkswagen factory just reopened The world's largest carmaker has made 100 changes to the way its plants operate as it tries to restart business without risking the health of hundreds of thousands of workers. Its experience underscores the daunting task ahead for manufacturers as they resume work in a world still reeling from the pandemic. "We have never developed, produced and sold vehicles under these conditions before," said Bernd Osterloh, the top labor representative at Volkswagen (VLKAF). The gigantic Wolfsburg plant is located on the banks of an equally impressive feat of human engineering, the 200-mile long Mittelland Canal connecting sea and inland ports in Europe. Originally built in 1938 to house workers for Volkswagen's factories, Wolfsburg is still home to the group's headquarters and has produced more than 45 million cars since 1945. It's where the iconic Beetle was produced for more than three decades and where the automaker's be...
Post a Comment
Read more