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COVID-19 impact | Five million salaried Indians lost their jobs in July: CMIE data

While jobs have recovered, this recovery has left out healthier, salaried jobs, said Centre for Monitoring Indian Economy.

August 22, 2020 / 09:24 PM IST

Five million salaried people lost their jobs in July, taking the total number of job losses in the category to 18.9 million, the Centre for Monitoring Indian Economy (CMIE) said.

The CMIE data showed that 17.7 million salaried jobs were lost in April 2020 and another 0.1 million jobs were lost in May. While 3.9 million jobs were gained in June, an additional five million jobs were lost in July.

While jobs have recovered,  CMIE said it is an unhealthy recovery as it left out salaried jobs.

"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," CMIE said.

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Only 21 percent of all employment in India is in the form of salaried employment, which is more resilient to economic shocks. As a result, job losses among them accounted for only 15 percent of all job losses in April.

"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," it said, adding that salaried jobs were nearly 19 million short of their average in 2019-20.

While in April, 30 percent of the employed persons had lost their employment, by July less than 3 perecent were bereft of their source of livelihood, CMIE said, adding that at 11 million job losses, it is still a significant setback.

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Moneycontrol News
first published: Aug 19, 2020 12:58 pm
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