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50 Lakh Salaried People Lost Job In July, 1.9 Crore Job Losses Since April: CMIE Report

Suggesting a more long-standing decline in the number of salaried jobs available, CMIE report also added that the salaried jobs are “far more difficult to retrieve”. 

Private think tank Centre for Monitoring Indian Economy (CMIE)’s data has shown that as many as 50 lakh salaried people lost their livelihoods in the month of July, taking the total tally of those who lost jobs in the segment since April to 1.89 crores.

In a report released earlier this month, CMIE flagged the issue of “ballooning numbers” of jobs lost in the salaried segment as a “source of worry”, terming the recovery in the job scenario as an “unhealthy” one.

As per CMIE, in April, the first full month that witnessed the coronavirus-induced lockdown, 1.77 crore salaried jobs were lost.

It saw a loss of another 50 lakh jobs in July, while the sector added 40 lakh jobs in May and June.

“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,” the report mentioned.

1.5 crore jobs were added in the farming sector, the report showed, however, it clarified that there is no data to suggest that it indicates reverse migration of people.

Expressing concerns over loss of salaried jobs the CMIE report said that these jobs are ” more resilient to economic shocks” and that is why the recovery in overall employment rate is not a healthy one. “The recovery is largely in informal jobs. 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. In this sense it is an unhealthy recovery,” the report said.

Suggesting a more long-standing decline in the number of salaried jobs available, CMIE report also added that the salaried jobs are “far more difficult to retrieve”.

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