The lockdown has cost most of the employees pay cuts or worse. A recent analyses by Citigroup Inc. has predicted that over 31 million female workers globally could lose their jobs due to the ongoing COVID-19 economic crisis.
However, 31 million female workers compared to only 13 million men, puts women at the centre of this crisis that is predicted to cost the global GDP $1 trillion.
Citi predicted that around 220 million women are in sectors that are vulnerable to job cuts amid the pandemic. So even if 31 million female workers in the six key sectors end up losing their jobs, it will hit the global economy quite hard.
The greater vulnerability of women to job losses is due to the segmentation of female labourers into sectors that are the most negatively affected by coronavirus disruptions.
- Citi economists Dana Peterson and Catherine Mann
The pandemic has hit sectors that have a higher number of female employees, like leisure, retail, hospitality, education and tourism.
Women will definitely be disproportionately impacted by the ongoing financial crisis caused by the pandemic. This assessment excluded China, but the figures would probably have been higher if the country has been included.