In a labor policy report released Tuesday, Guterres called for investing in job-rich growth, social protection, and a just transition to a net-zero future in low- and middle-income countries, which would avoid deepening inequalities worsened by the Covid-19 pandemic.

At least $982 billion in fiscal stimulus measures are needed to respond to the impacts of the crisis on labor market, and support a fair transition, as well as $1.2 trillion annually for social protection flats in resource-poor countries.

According to the document, no advanced economy has reached economic and social progress without investing in quality social protection systems and public services that provide people with the necessary support to overcome the changes in their lives.

While billionaires´ wealth increased by over $3.9 trillion from March to December 2020, the impact of the pandemic on labor market, among other factors, ramped up the toll of extreme poor people from 119 to 224 million, the first rise in poverty in more than 21 years, Guterres said.

Other data provided by the report indicated that 8.8% of total work hours were lost in 2020, which is equivalent to hours worked in a year by 255 million full-time employees, similar to a $3,3 trillion loss in revenue before receiving government aid.

Due to the pandemic, it is estimated that there will be 75 million fewer jobs in 2021 than before the crisis, and 23 million fewer expected by 2022.

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