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On July 1, a few days after a woman in India registered for an account on the careers site Naukri.com and uploaded a resume, a recruiter called her: One of the country’s leading real-estate companies was hiring for a senior position, and more details would follow soon.
The woman had posted her details on the site, whose name means “job” in Hindi, because she feared losing her current role as a mechanical engineer. The coronavirus pandemic was in full swing, and India’s caseload was increasing fast. A brutal weeks-long lockdown had hammered businesses, throwing huge numbers of people out of work, with data later showing that in the three months immediately preceding the recruiter’s phone call, India’s economy had contracted by 23.9 percent. The national capital, New Delhi, where she lived, had been particularly badly affected.
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Ageing of India s workforce due to high job loss in below-40 group not good for strong recovery: CMIE
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Ageing of India s workforce due to high job loss in below-40 group not good for strong recovery: CMIEIANS
Last Updated: Jan 15, 2021, 10:55 PM IST
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Synopsis
Recent CMIE data shows that the share of those over 40 years of age, which was 56 per cent in 2019-20 increased to 60 per cent by December 2020. The share of the relatively young has correspondingly shrunk. This ageing of the workforce again, does not bode well for a stronger recovery in the second half of 2020-21 or in the future, CMIE said.
Worst still, job losses were concentrated in urban regions, among women, among the relatively younger workers, the graduates and post graduates and the salaried employees, CMIE said in its weekly analysis.
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Nearly 15 million less people were employed in December 2020, says CMIE
At a time when most economists expect the economy to recover in the second half of the current fiscal year, private think-tank the Centre for Monitoring Indian Economy (CMIE) does not support such optimism, citing a reverse trend in employment statistics. The agency believes that higher job losses among young workers, which account for a major share of total employment, don t bode very well for a stronger recovery in the second half of 2020-21 or in the future.