Nearly 60 million jobs across the European Union and the United Kingdom are at risk from the coronavirus pandemic, according to a report
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.
The United Kingdom is covering 80% of worker salaries for at least the next three months up to a maximum of £2,500 a month. Germany and France have similar programs in place. The European Union's coronavirus relief package includes up to €100 billion in wage subsidies aimed at preventing mass layoffs, as well as hundreds of billions in loans to businesses and credit for EU governments. The world hasn't seen a recession this bad since the 1930s.
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