Home News Governments Worldwide Are Thinking of Ways to Tackle Rising Unemployment and Debt Caused by the Pandemic

Governments Worldwide Are Thinking of Ways to Tackle Rising Unemployment and Debt Caused by the Pandemic

Governments Worldwide Are Thinking of Ways to Tackle Rising Unemployment and Debt Caused by the Pandemic
Governments Worldwide Are Thinking of Ways to Tackle Rising Unemployment and Debt Caused by the Pandemic

The pandemic has led to an economic slump in countries across the globe. Governments worldwide are thinking of ways to tackle rising unemployment and debt.

As part of its rescue plan, Spain is looking at creating more than 800,000 new jobs by 2023, with the help of the financial assistance it will receive from the European Union. The Spanish government will spend 140 billion euros, which is about $165 billion to strengthen its economy. The economy of Spain is primarily dependent on tourism, which took a major hit due to the pandemic. The GDP is now expected to fall by 11.2 percent this year, whereas earlier it was predicted to dip by 9.2 percent. A part of the aid, about 72 billion euros will be invested between 2021 and 2023, in modernization projects that can be completed in a span of three years and create employment opportunities. Almost one-third of the EU aid will go into Spain’s digital transformation.

The Australian government, on the other hand, is looking at cutting income taxes and creating jobs for the youth. It will stimulate business investment via various measures that will cause a record deficit of 214 billion Australian dollars ($153 billion) this fiscal. Presently, the Australian government is assuming that a vaccine will be made available by next year, and provision will be made in the budget to make the same available to its citizen free of cost.

Britain’s wage support program is due to expire at the end of October and will be replaced by a mediocre subsidy scheme. The country’s emergency spending measures had included heavy subsidies to handle rising unemployment. The same cost about 200 billion pounds, causing Britain to incur a debt of more than two trillion pounds ($2.60 trillion). However, the finance ministry intends to focus on job creation in the short term, and handle the debt in the medium term. The country will also ensure that its pensioners enjoy security and safety.

Eskalera, a Startup Led by Goldman Sachs’ Former HR Head Has Launched a Diversity and Inclusion Index

Eskalera, a technology startup led by Goldman Sachs former human resources head Dane Holmes, has launched an index to measure corporate diversity and inclusiveness,...

HSBC to Remove 35,000 Jobs Amidst Covid-19 Crises

HSBC Holdings Plc has restarted cutting as many as 35,000 jobs, three months after the coronavirus outbreak forced it to pause a long-awaited overhaul...

Genpact Offers Its Internal Skill Training Program Globally for Everyone

Genpact has announced Adapt and Rise, a role-based online learning platform that leverages Genpact's expertise honed from delivering real-world change for hundreds of clients....

San-Francisco Based Learning Platform Degreed Has Raised $32 Million in New Funding

The upskilling platform, Degreed, has announced $32 million in new funding in direct response to overwhelming demand for better skill insights, talent mobility, and...

Research Shows the Implications of Workplace Layouts on Employee Productivity and Overall Performance

As some workplaces prepare for the gradual return of employees and overhaul office layouts and seating plans, research has shown this could also have...

Employee Concierge ‘Back Technologies’ Integrates Automation Into Internal HR and Other Support Tasks

Companies are under increasing pressure to automate workflows and digitally service their employees, particularly in light of trends toward remote work. It takes an...

HR Strategies to Help Your Business Navigate the New ‘Normal’

No business is immune to the massive changes resulting from the health crisis. Organizations have proven themselves to be agile, and employees have demonstrated...

The Importance Of Diversity And Inclusion In HR, Hiring, Talent Management: Thoughts From A Top Expert

Michael C. Hyter is one of today’s best-known experts on inclusion and diversity and the author of The Power of Choice: Embracing Efficacy to Drive Your Career and The...

HR Expert Highlights Actionable Steps to ‘Make Real Change’ Against Racism in Your Workplace

Kyra Leigh Sutton, Ph.D., is a faculty member at the Rutgers University School of Management and Labor Relations, where she teaches human resources courses...

Adidas Employees Want Company to Investigate HR Chief for Response to Racial Issues

A group of Adidas employees from around the globe is asking the company to investigate its chief human resources officer, as part of a...