Coronavirus has changed how we live in just mere months. The whole world is being confined to their homes. This virus is not just devastating for the health of the people but also for the social and economical conditions of the people.
Economies of developed countries like the US, the UK, and other European countries have been hit by a severe blow. You can only imagine what it is doing to third world countries. People are losing their jobs around the world. Non-residential workers and students are being sent back to their native lands. Local people are being laid off also and sent home.
With no jobs and no further opportunity, this pandemic is creating a new problem for the governments. 18%of the Americans claim that at least 1 member of their household has lost his job. But this is only the beginning, millions are expected to be jobless in the coming summers.
Countries like the US, the UK, European Union countries, offer benefits for the jobless to get them through while looking for jobs. But the coming day challenge will be when a huge number of jobless are added to the claimants. We still have to see how the governments will handle that.
The Damages COVID 19 did to the job market:
Small and medium businesses were hit the most in this crisis. Small businesses have limited running budget and they can’t afford a lockdown. The employees working in small and medium organizations are being laid off. Some times they don’t even get compensation which is creating a huge problem. The job market is already saturated and with such huge flux of jobless people added to it, it will choke.
Daily wagers are also badly affected because of this pandemic. A huge number of daily wagers will require assistance financially. Bailouts will be needed for businesses, unemployment compensations are to be paid, and daily wagers are to be looked after. All these challenges amidst frailing economies fighting an all-time low trade index, facing a pandemic are the biggest problem the world is facing.
For example, Utah claims that the rate of unemployment has risen to 29.5%in one week. The rate is still on the rise and the sword of unemployment is hanging on their necks. Similarly, the figures for other states are on the rise.
Some of the big names have already let go of thousands of employees. The employees on the airports, hotels, warehouses, and other services have lost their position because of this virus. They are facing problems in getting compensation or jobs. The COVID 19 is not just eating up lives, it is also eating up economies.