'Financial crisis wiped out 7m jobs'

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Jobless1 . File photo: Simphiwe Mbokazi.

London - The human cost of the financial crisis was the obliteration of 7 million jobs across the developed world since the second quarter of 2008, a report by PricewaterhouseCoopers says today.

The report also warns that unemployed people in member countries of the Organisation for Economic Co-operation and Development are taking much longer than usual to find alternative employment after losing their jobs.

The historic average of seven months between redundancy and new work has extended to 10 months.

The authors warn that this will have a “detrimental impact” on people's skill levels.

The United States appears to be worst affected, and Pricewaterhouse-Coopers warns that American business will have to step up the amount of money they allocate to pay for training as a result.

The authors of the report say that this “human cost” of the crisis needs to be taken into account by policymakers as they prepare to gather at the annual meeting of the World Bank-International Monetary Fund next month. - James Moore from The Independent

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