Job loss job cut lay off

Job Loss & Job Cuts

Job Loss in India since Jan-21

2.5 Crore Job Loss from Jan to May. Over 15 lakhs employees lost their Jobs in Aug & 34 lakhs people lost Jobs in July and so on.

19 Lac Job Loss in Manufacturing Sector

According to the latest reports, more than 10 lakhs people engaged in the manufacturing sector lost their jobs in August and another 8 lakh in July. The number of employed persons in this sector decreased from 2.96 crores in June to 2.88 crores in July and 2.79 crores in August.

Job Loss in Service Sector

The job loss in the manufacturing sector was somewhat offset by gains in the service sector. Eight lakh jobs were added in retail, e-commerce, repair and technical support in August. Nearly 1.5 crore people were engaged in the service sector in August against 1.42 crore in July.

Unemployment rate
Unemployment rate

Unemployment rate in India

The Centre for Monitoring Indian Economy (CMIE) figures shows that the unemployment rate had climbed to 8.32 per cent in August after a brief spell of improvement.

The latest unemployment rate is similar to the post-lockdown figure of 8.35 per cent recorded by the CMIE around this time last year.

CMIE – Job Loss in India

According to the CMIE data, the number of employed persons decreased from 39.97 crores in July to 39.78 crores in August, which indicates that 19 lakh people have lost their jobs over the past month. The CMIE statistics show that the monthly unemployment rate in May this year was 11.9 per cent, with over 1.5 crore jobs lost that month. This was the period when the second wave of the pandemic was wreaking havoc in the country.

The unemployment rate had dipped in June and July but edged up again in August.

Labour Economist on Current Unemployment issues

Labour economist Santosh Mehrotra said the unemployment situation was back to the level of the post-lockdown period in 2020.

“The unemployment crisis is the same as this time last year. According to the CMIE’s data, the share of agriculture in total employment was 35 per cent in 2017-18, which went up to 39.5 per cent in 2020-21. On the other hand, the share of the manufacturing sector in total employment dropped from 10 per cent to 7.5 per cent during this period. When more workers are joining agriculture, which is already crowded, it will depress the wage rate, which is what is happening,” Mehrotra said.

Mr Mehrotra said a developing nation should aspire for a workforce shift from agriculture to manufacturing and services. “The reverse is happening in India”. Source

Dignity of Labour is most important

The dignity of labour is one of the major issues in India. “The dignity of work and the rights of workers” can be protected by respecting all kinds of jobs. By providing Full Job Protection of Labour Rights of employees and providing Job Loss Insurance to employees and labours.

job loss insurance
job loss insurance

Job Loss Insurance

As we all know that life insurance, health insurance, vehicle insurance, home insurance, travel insurance, mobile insurance, appliances insurance, business insurance etc. etc. etc. are available by many different insurance providers. But not a single proper Job Loss Insurance provider is available for employees.

Job Protection for employees & Labour

Job Protection is the most important issue in India. As employees are facing many Job-Related issues in their day to day life like lay off, wrongful termination, Salary deduction & Wage issues, Overtime issues workplace harassment, sexual harassment, discrimination at the workplace etc.

But nobody is available to help them with these daily problems. Currently, no company / NGOs/ government is trying to help these employees in India.

India’s 1st Solution from Job Loss & Job Cuts

EmpRyts is India’s 1st & only “Job Protection Provide”. We are Empowering, Supporting & Guiding Employees / Labour / Workers for any Job-Related issues through our Risk Management Legal Services. Our Job Protection Package is very economical & affordable pricing. These packages are in a form of a Yearly Subscription package, that helps employees in securing their jobs from any upcoming events.

Conclusion

So the conclusion is that we all should Protect our Jobs, which is most important for all employees.

Protect your Job now – that matters most to you. To Save & Secure your Job, Status, Family, Future…

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About the Author

Deepak Kumar

Founder & CEO
EmpRyts ( Employee Rights)
On a mission to provide Job Insurance that will give full Job protection to all employees, labours and workers across the country.

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