60 million Europeans could suffer furloughs

60 million Europeans could suffer furloughs

COVID-19 freeze the world market / Image=Wikipedia

[Newsphopick=Gyubin Lee] Nearly 60 million jobs across the European Union and the United Kingdom are at risk from the coronavirus pandemic, according to McKinsey. 

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 the police. 

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. 

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.

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