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India’s employment sector affected badly due to economic slowdown; 16 lakh less jobs to be created during the current fiscal

14/01/2020 at 1:56 PM

Mumbai, Jan 14: India’s employment sector has been badly affected due to the economic slow down. Sixteen lakh less jobs have been created in the current fiscal, compared to 2018-19 financial year (89.7 lakh new employments), according to a report prepared by the State Bank of India (SBI).

According to the SBI report, the remittance to home by the people who have migrated from the states like Assam, Bihar, Odisha, Rajasthan and Uttar Pradesh for employment has reduced. This indicated the fall in the number of migrant labourers. Migrant labourers usually go to states like Punjab. Gujarat and Maharashtra  to work there and they remit money to home. As per the estimate of the Employees Provident Fund Organisation (EPFO), 89.7 lakh new employments had been created during 2018-19 fiscal.

It is estimated that 15.8 lakh less employments will be created during the current fiscal.

Mainly low salaried employments (maximum up to monthly salary of Rs 15 ,000) are included in the EPFO estimate. The EPFO report said that 43.1 lakh new salaried employees have been added during the April-October period. It is estimated that the number of new employment will be 73.9 lakh during the entire year.

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