PLFS 2022-23: Good news, bad news, and the unanswered questions
Jobs continue to shift from high-productive, high-paying to low-productive, low-paying informal sectors; wages and social security fall – all pointing to a job crisis
Jobs continue to shift from high-productive, high-paying to low-productive, low-paying informal sectors; wages and social security fall – all pointing to a job crisis
In urban areas, unemployment rate was 8.5% in March 2023, up from 7.9% in Feb 2023, while in rural areas, it stood at 7.4%, up from 7.2% in previous month
Out of 14.86 lakh members added during the month, around 7.77 lakh new members have come under the ambit of EPFO for the first time.
Meanwhile, global unemployment is projected to edge up by around three million in 2023, to reach 208 million, which corresponds to an unemployment rate of 5.8%.
The unemployment rate surged primarily due to a significant rise in the rural unemployment rate, essentially in non-agricultural rural India.
Better monsoon and an uptick in agricultural activity in rural areas are reasons for a sharp decline in joblessness in July, says CMIE
Numbers paint a grim picture of employment composition in India, where the salaried jobs have been disproportionately hit during the pandemic.