As the Indian economy falters due to the ongoing coronavirus outbreak, millions of jobs, across sectors, are on the line.Coronavirus crisis triggers layoffs, pay cuts, and hiring freeze across Indian industries.As per the article published in Livemint,
136 million jobs at risk in post-corona India
Author of an article Goutam Das points following two bullet points :
- There will be a tsunami of job losses for employees who don’t have a regular salary, people without a written contract
- A labour market crunch right now can easily turn into a nightmare. Besides the possibility of social unrest, expect more demands for more reservations in government
Estimates released by the National Sample Survey (NSS) and Periodic Labour Force Surveys (PLFS), on March 31, suggested that over 136 million non-agricultural jobs are at immediate risk.
1.5 lakh employees in India’s IT industry might lose their jobs over the next three-to-six months. Majority of these layoffs will happen in small IT firms, said HR experts, as per an April 3 report by Moneycontrol, which cited HR experts.
Most firms have paused hiring and many startups have announced pay cuts.However there is still no clarity on how long it would take for the companies to recover. It may take longer for recruitment to resume.
No need to afraid with the situation but in the meanwhile please learn how you can prepare to deal with a job loss and financially tide over any such crisis in the future.