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COVID-19 impact: 3.2 million salaried people lose jobs in July

There is also a shift towards self-employment and casual or gig employment where reflected in the minor improvements seen for small traders and wage labourers in July

August 03, 2021 / 12:18 PM IST
A majority of job losses were from urban regions where numbers fell from 48.71 million in June to 46.15 million in July. (Representative image: Shutterstock)

A majority of job losses were from urban regions where numbers fell from 48.71 million in June to 46.15 million in July. (Representative image: Shutterstock)

Structural weakness in core sectors led to loss of 3.2 million salaried jobs in July despite a tapering second COVID-19 wave and improvement in economic activity, data from the Centre for Monitoring Indian Economy (CMIE) showed.

Data showed that 76.49 million people held salaried jobs till July 31 compared to 79.7 million till June 30. A majority of these were from urban regions where job losses fell from 48.71 million in June to 46.15 million in July.

In the pre-pandemic times, as many as 86 million people were employed in salaried jobs till July 2019, compared to 76.49 people in July 2021. The labour participation rate remains 2.7 percentage points lower than its pre-COVID-19 levels. The employment rate remains 3.3 percentage points lower than the pre-COVID-19 levels.

The numbers reflect weak recovery in the employment market and job creation lag in the formal sector, economists said.

There is also a shift towards self-employment and casual or gig employment where reflected in the minor improvements seen for small traders and wage labourers in July — their numbers rose by 2.4 million to 30.42 million.

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COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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Further, 1.7 million more farmers engaged in the activity in July, compared to the previous month.

The CMIE further said that its Consumer Pyramids Household Survey data suggests V-shaped recovery after the second COVID-19 wave, but added it would be “wise to wait for more data before reaching any conclusion on recovery”.

Overall, 399.38 million individuals are employed (salaried and non-salaried) in India till July – up by 16 million compared to June. A major chunk of these additions are through agriculture which added 11 million people in July for a total of 163.25 million, followed by real estate which added 5.5 million people compared to June.
Moneycontrol News
first published: Aug 3, 2021 11:21 am

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