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50 lakh salaried people lost jobs in India in July: CMIE

ZT WEB DESK

Srinagar: Fifty lakh salaried people lost their jobs in July, the Centre for Monitoring India Economy said.

“17.7 million salaried jobs were lost in April 2020. An additional 0.1 million jobs were lost in May. Then, 3.9 million jobs were gained in June. But, 5 million jobs were lost in July,” the CMIE data showed.

“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.

Small traders, hawkers and daily wage labourers were the worst hit by the lockdown in April. “Of the 121.5 million jobs lost in that month, 91.2 million were among these. This category of employment accounted for about 32 per cent of the total employment but, it suffered 75 per cent of the hit in April,” CMIE data showed.

“Of the 91.2 million such jobs lost in April, 14.4 million came back in May, 44.5 million in June and 25.5 million in July. Only 6.8 million remain to return,” CMIE said.

However, job losses among salaried people accounted for only 15% of all job losses in April, according to CMIE. “The situation has worsened for the relatively better jobs, i.e. salaried jobs. While jobs have recovered, this recovery has left out healthier, salaried jobs,” the CMIE data mentioned.

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