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The pandemic has created a definite scar in labour markets.
There have been persistent reports based purely on employment surveys of permanent job losses, a significant spike in unemployment, particularly among youth and a compression of India’s labour force from 495 million in 2019 to 472 million in 2020, as per latest World Bank data.
Some of the concerns, specifically the squeeze in employee expenses are genuine concerns.
Employee expenses data for 284 listed companies for FY21 reveal the largest decline was in the smallest firms indicating that employees of smaller firms were impacted most due to Covid-19 pandemic.
However, it is important to understand the dynamics of India’s labour market, also through the use of Employee Provident Fund Organisation payroll data rather than joining in the cacophony of labour market disruptions during pandemic as it typically deflects us from actual problem confronting India today of creating more quality jobs.
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