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India job market: India’s young white-collar workers are front-row in the firing line

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The Indian job market has seen a tumultuous few months amid the Covid-19 crisis with huge job losses and soaring unemployment. But that is just the overall story. For one specific segment, the threat seems to be disproportionately bigger: white-collar jobs are front-row in the firing line.

Around 41 lakh of India’s youth has lost jobs because of the pandemic while employment prospects have gotten severely challenged in Asia and the Pacific, according to a joint report by the International Labour Organization and the Asian Development Bank.

Two-thirds of firm-level apprenticeships and three quarters of internships were completely interrupted during the pandemic, the ILO-ADB report shows, adding that people aged 15-24 years will be much harder hit than adults in the immediate crisis and face a higher risk of longer-term economic and social costs.

Nearly 50 lakh salaried jobs were lost in July, according to the Centre for Monitoring Indian Economy (CMIE). This took the total job losses to around 1.89 crore despite a marginal recovery in the rate of employment driven by the informal sector. “While salaried jobs are not lost easily, once lost they are also far more difficult to retrieve. Therefore, their ballooning numbers are a source of worry,” CMIE cautioned.

According to another ILO report, India being a lower-middle income country spells further trouble for its educated youth and job market. The rate of youth unemployment is higher for low-income and lower-middle income countries with advanced education levels, the report shows.

“In low-income countries, workers who struggle the most to find suitable jobs are those with an advanced educational level, while in high-income countries, it is those with a basic educational level or less,” said ILO.

Simply put: there is a higher share of the highly educated among the unemployed than the employed. People with advanced education are over-represented among the unemployed in 82 per cent of low-income countries and only 10 per cent of high-income countries. Furthermore, skilled jobs may even be scarce in low-income countries, creating a mismatch between skills required versus the skills of jobseekers, added ILO.

Even for the employed youth, there is not much to be happy about. Only 23 per cent of Indian companies plan to give increments in 2021-22, according to Deloitte India’s 2020 Workforce and Increment Trends Survey. This is largely due to organisations now taking future performance into account when deciding increments, said Anandorup Ghose, partner at Deloitte Touche Tohmatsu India.

Prior to the lockdown, companies primarily looked at the past year’s performance to determine the increment budgets.

The ILO-ADB report calls for large-scale targeted measures to generate jobs for the youth and protect future opportunities for the region.

“Prioritizing youth employment in the Covid-19 recovery process will improve Asia and the Pacific’s future prospects for inclusive and sustainable growth, demographic transition and social stability,” PTI quoted Chris Morris, head of the ADB NGO and civil society center and leading ADB’s Youth for Asia initiative, as saying.

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How Effective Is Sonus Complete?

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Sonus complete Review – Real Customer Experience Here! Sonus complete is a powerful natural remedy for those suffering from ringing in the ears. This natural tinnitus-blocking supplement does not contain any harmful ingredients and actually works very effectively to eliminate the constant buzzing in your ears.

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One of the most important things that you should know about Sonus complete is that it contains no alcohol, sugar, artificial flavors, or colors. It also contains no added preservatives, fillers, coloring, or flavors. There are absolutely no toxins, synthetic ingredients, or artificial flavors or fragrances included in this product.

One of the reasons that Sonus complete is such a great option is because of its ability to eliminate all the stress from your life, whether you are a parent a business owner, or simply working to earn a living. Some of us are under the constant pressure of a stressful lifestyle and can suffer from tinnitus as a result. I know one of my clients who is constantly being bombarded with phone calls, emails, and Facebook messages because he works all day long and then goes home to his family.

When you take Sonus complete, you will no longer have to worry about being bombarded by irritating sounds. Because it is all natural, you will never have to worry about having an anxiety attack or feeling stressed out. When you take Sonus complete, you will no longer have to worry about being constantly bombarded by irritating sounds.

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Another thing that makes Sonus complete different from other remedies is that you will not have to worry about going to the store to buy a new product or spending money on the medications prescribed by your doctor. It does not come with any side effects. I have used other products before that claimed to work in the past but have been filled with a multitude of symptoms including insomnia, headaches, and dizziness. With Sonus complete, you will get results that last. for days.

Another great thing about Sonus complete is that it is completely organic. This means that you do not have to worry about chemicals being added to your food or water that could potentially harm you. If you are concerned about using organic products, you should check out Sonus complete. because it does not contain any harmful chemicals.

Another important benefit of using Sonus complete is that it has a guarantee. Since it is all natural, you can be sure that if you decide to stop using it, you can get the same results as soon as possible. without having to spend money on new products. You can also purchase Sonus complete online at a discount.

No matter what you want to hear, I highly recommend Sonus complete. if you want relief from tinnitus and you are tired of suffering with ringing ears. Take a few minutes and check out this website today!

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ESIC: Govt may retrospectively relax conditions for unemployment benefits under Employees’ State Insurance

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The labour ministry has proposed to provide 50 per cent average per day earnings of the subscriber during four contributory periods in the past two years for 90 days of unemployment, as against 25 per cent provided earlier.

Synopsis

The labour ministry has moved a proposal to amend the conditions under the Atal Beemit Vyakti Kalyan Yojana from March, when the government imposed a nationwide lockdown, which will be taken up by the Employees’ State Insurance Corporation (ESIC) board on Thursday.

New Delhi: The government is likely to retrospectively relax conditions for unemployment benefits under the Employees’ State Insurance, which saw zero contribution from eight million subscribers in April and May.The labour ministry has moved a proposal to amend the conditions under the Atal Beemit Vyakti Kalyan Yojana from March, when the government imposed a nationwide lockdown, which will be taken up by the Employees’ State Insurance

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EPFO records 6.55 lakh net new enrolments in June from 1.72 lakh during May 2020

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NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) saw a robust rebound in net new subscribers with addition of 655,000 subscribers in June as industries and services resumed operations after two months of lockdown. Barely 20,000 and 172,000 subscribers were added to the EPFO in April and May respectively, resulting in net additions of about 847,000 in the first quarter of this financial year.

“The month of June has seen speedy recovery with addition of 6.55 lakh net subscribers registering a remarkable 280% month on month growth,” the EPFO said in a statement on Thursday. “The subscriber base growth is on account of increased number of new subscribers, lower exits and higher rejoining by exited members.”

New subscribers increased about 64% to 498,000 in June from 303,000 in May while exits from EPFO subscriber base declined nearly 33% to 296,000 in June from 445,000 in May. The EPFO saw net addition of 1.2 million subscribers in June this year while 2019-20 saw one million new subscribers on average every month.

EPFO

Even the number of members who exited and then rejoined increased 44% in June from May, with more subscribers choosing to retain membership by transferring funds rather than opting for final settlement, said the EPFO. The data comprises all the new members who joined during the month and whose contribution was received.

The EPFO payroll data showed the enrolment of female workers went up to 106,059 in June from 37,085 in April in absolute terms, even though the overall female participation in the workforce remained low.

However, the highest jump in formal employment creation was in the expert service category which predominantly consist of manpower agencies, private security agencies and small contractors.

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