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'Ageing of India's workforce not favourable for strong recovery'
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SME Times News Bureau | 16 Jan, 2021
Higher job lossses among those below the age of 40 years has resulted in
an ageing workforce, which is not favourable for a strong recovery of
the Indian economy, according to the Centre for Monitoring Indian
Economy (CMIE).
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," it said.
Graduates and post-graduates had a 13 per
cent share in total employment in 2019-20. Their share in the loss of
jobs was 65 per cent. As per the CMIE, out of the 14.7 million jobs
lost, 9.5 million were those of graduates and post-graduates.
It
noted that job losses were concentrated among the younger workers. All
age groups below the age of 40 suffered a fall in employment till
December 2020 this year while all age groups above 40 years of age have
seen a small gain in employment.
Further, salaried employees who
accounted for 21 per cent total employment in 2019-20, accounted for 71
per cent of the total job losses.
Nearly 15 million less people
were employed in December 2020, nine months after the lockdown hit
people's livelihood compared to those that were employed before the
lockdown in 2019-20.
Those who lost jobs were concentrated in
urban regions, among women, among the relatively younger workers, the
graduates and post graduates and the salaried employees, the CMIE said.
"It
is easy to assume that by December 2020, India's workforce had not only
declined quantitatively but also deteriorated qualitatively. Given this
crater India has dug itself into on the employment front, the party
rejoicing a quick V-shaped recovery is dancing on thin ice," it said.
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