Lost jobs start to return as economic activity resumes; this many new workers added in May

Financial Express
June 2, 2020
 

Though the unemployment rate in May stood at the same as a month ago, the labour participation rate improved from 35.6% to 38.2% and the employment rate improved from 27.2% to 29.2%.

The partial lifting of the nationwide lockdown led to crores of people getting their jobs back in the month of May. In May alone, nearly 2.1 crore people got new jobs, however, the unemployment rate is still hanging at 23.5 per cent – much higher than pre-pandemic levels, according to CMIE. The rise in employment has brought cheer in the job market as the previous month saw a steep contraction in jobs. In April, the lockdown was strict and most of the businesses and industries were at a standstill. Consequently, the number of employed persons fell by around 11.4 crore.
Though the unemployment rate in May stood at the same as a month ago, the labour participation rate improved from 35.6 per cent to 38.2 per cent and the employment rate improved from 27.2 per cent to 29.2 per cent. India’s manufacturing industry was worrying that the distress caused to the migrant workers and labourers will develop scarcity of workforce in the industry, however, with the latest figures, the indications are that the workers who had left the labour markets in April returned in May.
However, even as the latest CMIE data has brought optimism in the job market, the IHS Markit report on manufacturing PMI revealed that the weaker demand in the market forced firms to cut staff numbers at a record pace since data collection began over 15 years ago. Lower production requirements saw Indian manufacturers continue to reduce worker numbers in May, the IHS Markit report added.
The distress caused by the coronavirus pandemic showed the unfortunate reality of the condition of the migrant workers. However, with a number of labour reforms and compensation by the centre and states, the sentiment across the workers are partially lifted, which has helped them come back to the job market. Meanwhile, it is still an unanswered question how much financial freedom do migrant workers have to not return to the job market.

Comments

Post a Comment

Popular posts from this blog

India Joins Russia in Voting Against West-Backed Move to Expand Powers of OPCW

The Wire: June 28, 2018 New Delhi: India voted against a UK-backed move that will allow the global chemical weapons watchdog to apportion blame for illegal attacks, criticising the decision to grant “unchecked powers” to the head of the group which could be used for “partisan” purposes. On Wednesday, more than two-thirds of the member states of the Organisation for the Prohibition of Chemical Weapons (OPCW) voted to authorise the international body to identify the perpetrators and sponsors of a chemical weapons attack. It also specifically called on the OPCW’s technical secretariat to begin work on identifying the perpetrators behind the use of chemical weapons in Syria. The draft decision, sponsored by 30 countries, was adopted at the fourth special session of the conference of the states parties to the Chemical Weapons Convention at the Hague, with 82 in favour and 24 negative votes. While Europe, the United States and their allies voted ‘yes’, there was strong oppo...
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav...
Read more

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017...
Read more