Spain’s government first floated the idea of a version of a universal basic income back in December, according to Spain’s English-language newspaper El Pais, in a deal that the country’s Socialist Party and left-wing Unidas Podemos agreed on to create “a general mechanism to guarantee earnings for families with no or low income.” The COVID-19 pandemic accelerated that plan, the paper reports; Spain’s government first released details of this national minimum income in April, and Deputy Prime Minister Pablo Iglesias announced its creation at a news conference on Friday. … [Read more...] about Spain creates a universal minimum income targeted at 2.3 million people
Lowers unemployment forecast
Further, Cabral says, as unpredictable as COVID-19 has been, it has followed some sadly familiar trends. “The soaring unemployment rate is impacting people of color the most,” she says. Cabral says that responsible employers will pay attention to demographics and if they do have to lay off employees from underrepresented groups, they need to be inclusive. “[That] means making sure to exercise awareness of the unique challenges that unemployment presents to underserved populations,” she says. “Employers can work to tailor packages that provide support that is meaningful for underserved communities,” says Cabral, such as extending health benefits for the rest of the year or partnering with a staffing firm to help displaced employees find their next opportunity. … [Read more...] about This is what a compassionate layoff looks like
Israel, on the other hand, is gearing up for large scale serology tests in order to gauge the proportion of population which has developed antibodies against the novel coronavirus. Israel, whose aggressive response to the coronavirus has held its fatality rate to a fraction of those of the United States and other hard-hit nations, is readying a nationwide serological test of 100,000 citizens. Moshe Bar-Siman-Tov, director-general of Israel’s Health Ministry, said that if antibody tests show a sizable portion of the population has developed antibodies, that could mean Israel is on its way to “herd immunity” and would be well equipped to withstand further outbreaks. Meanwhile, studies have estimated the percentage of Israelis with antibodies range widely, from less than 1% to upward of 10%. … [Read more...] about In-Depth: Is Herd Immunity our best bet in the fight against coronavirus?
The government on Friday released January-March GDP figure. The Indian economy grew at 3.1 percent in the January-March quarter (Q4) of 2020, its slowest pace in at least two years. The GDP growth was recorded at 5.8% in the corresponding quarter of 2019-20. … [Read more...] about India GDP data highlights: Growth falls to 3.1%; agriculture sector grows at 5.9%
Government consumption cannot be the sole supporting factor going ahead. It is essential to bring back private sector on board. It is highly critical that the government first acknowledge the poor growth scenario even in the pre-COVID-19 period and admit the policy shortcomings. The economic activities have to be opened up without delay. The direct fall out of slowing growth is the rise in unemployment and banking sector distress. … [Read more...] about Decoding GDP data: India’s economy suffered a double whammy last fiscal and the worst is yet to come