Five million salaried Indians lost their jobs last month. This is the highest figure for this year. And as the graphs show, it’s going to get worse in August. The job loss among the salaried class is not a surprise to me. I have known this for sometime as I have spent the last year talking to these people. My research has led me to many uncomfortable, hurtful places and the data that has now come in terrifies me.
Here is the research I started last year and I urge you to fill up the form if you are currently experiencing unemployment or pass it on to someone you know who is going through this:
On to the big news today:
A Mint report said:“On a net basis, the plight of salaried employees has worsened since the lockdown began. In April, they lost 17.7 million jobs. But by July, their losses had swelled to 18.9 million,” CMIE data showed, adding that ballooning numbers of job losses among salaried class is a source of worry.
“While salaried jobs are not lost easily, once lost they are also far more difficult to retrieve,” CMIE mentioned. Only 21% of all employment in India is in the form of a salaried employment who are more resilient to economic shocks, the think-tank said. Salaried jobs were nearly 19 million short of their average in 2019-20.
While recovery may be picking up slowly in the informal sector, many salaried Indians have lost their jobs and are not likely to get them back easily.
Meanwhile, the numbers are rising through August.
All the screencaptures from CMIE website: https://unemploymentinindia.cmie.com/