The financial crisis could lead to record global unemployment with 20 million more people out of work by the end of 2009, International Labour Organization chief Juan Somavia warned on Monday.

210 million ILO estimate of the number of unemployed by late 2009

190 million The number of unemployed in 2007

Crisis across the Wall

While thousands of jobs have already been slashed on Wall Street and other financial centres, the ILO says the axe is likely to reach ordinary working people, with sectors including construction, the automotive industry, tourism, services and real estate bearing the brunt of the financial storm.

Major jobcuts in non-financial sectors since September

COMPANY Jobs cut

Alitalia 3,000

Akzo Nobel 3,500

Nissan 1,680

Renault 6,000

Stora Enso 3,150

Telecom Italia 5,000

UPM-Kymmene 1,600

Volvo 1,400

Daimler AG 2,300

eBay 1,600

Hewlett-Packard 24,600

Micron Technology 2,800

Bonus or malus?

A report by Frankfurt-based Center for Financial Studies has coined a new word — malus. Malus is Latin for ‘bad’ while bonus means ‘good’. It says if executives can win bonuses for a superior performance, they also need to be exposed to penalties such as salary cuts for presiding over failures, which can have ramifications for financial stability.

India Inc may fold up hiring plans

India Inc is likely to put its hiring plans on the back burner now as the business outlook has hit an all-time low and there has been a decline in the intention to offer jobs at all levels, says TeamLease Services’ Employment Outlook Report for October to December 2008.

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