According to a report by Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate stood at 7.8% for the week ended November 22.
Covid and Unemployment: Unemployment highest at 7.8%
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Tag: Unemployment
Employees write complaints about the loss of employment, salary cuts during lockdown to government
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Since the imposition of nationwide lockdown by the Indian government, layoffs and furloughs have become a piece of common news. In an attempt to tide over the crisis erupted due to the coronavirus pandemic and subsequent lockdown, businesses have been resorting to tough measures to prevent cash burn. The Government of India had imposed a…
How coronavirus is impacting the Indian job scenario
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The ongoing coronavirus pandemic has crippled the world economy to the extent that many are estimating that this could spark a recession worse than the 2008 financial crisis. Many sectors of the economy like travel and airlines have come to a total standstill with the travel restrictions imposed by various governments globally. In an attempt…
Furlough vs Layoff, the big difference
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The coronavirus pandemic isn’t only affecting people’s health and safety. It is also impacting people’s livelihoods as the virus hits the economy. The pandemic has brought the global economy to a halt. With restrictions on movement, nationwide lockdowns, and closure of businesses, the flow of money has become really slow. The virus has not only…
LendingClub to lay off about 460 employees due to coronavirus impact
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Adding to the unemployment crisis caused by coronavirus pandemic, online lending marketplace LendingClub Corp recently announced that it would lay off 460 employees, including President Steven Allocca, as part of a restructuring plan to slash costs. The layoffs represent roughly a third of the company’s total workforce of 1,538 people as of Dec. 31, 2019.…
Amdocs Pune lays off 150 employees during the lockdown, Employee Unions seek action
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Layoffs have now become a common practice to conserve cash amid the coronavirus pandemic. Even though the governments have repeatedly asked organizations to not resort to job cuts, companies are rapidly laying off staff. Recently, another IT-BPO company Amdocs laid off about 150 employees amid the coronavirus crisis, leaving employees stranded and helpless in such…
Are we heading towards an unemployment crisis?
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The ongoing coronavirus pandemic has forced the world to a standstill. Markets are closed, roads are empty, people are locked inside their houses and business is not as usual. The novel virus which first originated in China has now become a global headache. So far the virus has infected more than 470,000 cases and claimed…
Exclusive: Travel tech firm Fareportal lays off employees
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New York-based global tech travel firm Fareportal has reportedly laid off about 200 employees from its Gurugram and Pune offices amid the ongoing coronavirus pandemic. The novel coronavirus pandemic has crippled the travel industry forcing companies to run for their money and conserve as much capital as they can. This has led travel companies to…
Expedia to cut 3,000 jobs following a ‘disappointing’ year
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Online travel giant Expedia Group is cutting 12% of its workforce or about 3,000 jobs, after a “disappointing” 2019, the company said. Recently, Expedia Group’s leadership sent an email to its employees globally saying that it plans “to reduce and eliminate certain projects, activities, teams, and roles to streamline and focus our organization.” In the…
US firm Hughes fears Indian closure over unpaid dues
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US-based satellite broadband provider Hughes Network System may have to shut its Indian operations due to unpaid dues owed to the government. According to Reuters, this development could put thousands of banking services at risk. Recently, the Supreme Court of India had ordered a number of telecom companies, including Hughes and larger firms like Vodafone,…
Air India pilots write to Ministry over non-payment dues
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“…your statement that if Air India is not privatized by 31st March 2020 then Air India will be shut down, is a matter of concern,” the letter said.
India’s joblessness, a story unfolds
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In India about 1.2 crore people enter the workforce every year but the pace of job creation remains far below than what is needed, even though the economy is growing at over 7 percent.