Over 1.8 Crore Salaried People Lost Jobs Since April: CMIE

National News

Mumbai: According to latest data released by the Centre for Monitoring Indian Economy (CMIE), more than 1.8 crore salaried employees lost their jobs after the pandemic forced several businesses and firms to shutdown in India since April. In which 21 per cent of all employment in India is in the form of salaried employment, far lower than the number of those engaged in the informal sector.

Salaried jobs contribute more to the country’s GDP than employment in the informal sector, which is largely dependent on the formal economy. The bloodbath in salaried employment began in April when 17.7 million jobs were lost, following which 3.9 million additional jobs were gained in June.

Employment in informal sector and rural areas have seen an uptick since April, the lack of improvement in salaried jobs paints a worrisome picture in terms of growth. However, five million jobs were again lost in July, and the plight of salaried employees has only worsened since the lockdown began, showed CMIE data. Although rural employment numbers have gained momentum since the lockdown first began, its impact on growth will be less due to lack of demand in urban areas.

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