Mixed views were expressed by various experts on the impact of the new wage code on the pay packets and the retirement benefits of employees/workers.They also said it is "myopic" to term social security as a cost to the company.One .
Sources cite cash crunch prompting outsourcing of work to private firms at a lower rate, reduction in the number of posts, rampant privatisation and closure of PSUs
The unemployment rate in the country has more than doubled in the March-May period this year as the pandemic’s second wave flattened the country, data released by a private research group show.
According to weekly unemployment figures released by the Centre for Monitoring Indian Economy (CMIE), a leading business information think tank, the rural populace has also born the brunt of the pandemic and the resultant restrictions this time.
During the first wave last year, the urban workforce had been primarily affected.
Also, women have been more adversely hit by the latest Covid surge.
The CMIE data show that the unemployment rate in the week ending May 16 was 14.45 per cent of the total workforce, more than double the figure recorded on March 14 6.63 per cent. The situation is equally bleak in rural areas and urban areas.
May 14, 2021
Based on sanctioned strength in 2019, vacancy in 2021 can be 16-20%
Over one fifth of the sanctioned strength for Central government civilian employees were vacant as on March 1, 2019, according to a report from the Finance Ministry. Experts feel that distribution of deficit in various Ministries and Departments clearly explain that both reform and social welfare are getting affected.
Report on pay, allowances
“The total number of regular Central government civilian employees employed (including UTs) as on March 1, 2019 was 31.43 lakh as against the sanctioned strength of 40.66 lakh and approximately 22.69 per cent of the posts were vacant,” an annual report on pay and allowances, prepared by Pay Research Unit of the expenditure department under Finance Ministry said.