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Nearly 21 million salaried jobs were lost between April-August: CMIE

Nearly 21 million salaried jobs were lost between April-August: CMIE

The recently published survey by the Centre for Monitoring Indian Economy (CMIE) revealed that nearly 21 million salaried employees lost their jobs between the month of April-August this year.

 

As per the data, about 3.3 million jobs were lost in August and 4.8 million in July. The number of salaried jobs decreased to 65 million from 86 million in India during 2019-20.

 

“The deficit of 21 million jobs is the biggest among all types of employment. About 4.8 million salaried jobs were lost in July and then in August, another 3.3 million jobs were gone,” the CMIE stated.

 

The data showed that the unemployment rate rose to 8.35 per cent in August from 7.40 per cent as compared to the previous month. In August, urban unemployment rate slightly increased to 9.83 per cent from 9.37 per cent seen in the previous month, while rural unemployment rate rose to 7.65 per cent in August from the previous month’s 6.51 per cent.

 

“The unemployment rate, which has been falling so far after April, increased from 7.4 per cent in July to 8.4 per cent in August. This is a significant jump. As a result, the employment rate fell from 37.6 per cent to 37.5 per cent in the same period,” the CMIE said.

 

The report also found that salaried jobs are getting impacted the most during the ongoing economic growth contraction. Salaried jobs do not seem to grow in tandem with economic growth, or even with an increase in entrepreneurship.

 

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