Covid-19 resulted in jobs moving away from high labour productive sectors to agri, construction: CMIE
Data from the Consumer Pyramids Household Survey of CMIE shows employment in agriculture shot up and touched its peak in July and August at 160 million resulting in total employment in the sector in the quarter ended on September 30 at 158 million, which is 5.5% higher than the corresponding quarter a year ago.
Sales and profits at the world's second biggest brewer, which also owns the Tiger, Sol, and Desperados brands, plummeted due to restrictions brought in by many countries to curb Covid-19.
As per the report, titled Asia–Pacific Employment and Social Outlook 2020: Navigating the crisis towards a human-centred future of work, overall labour income is estimated to have fallen by as much as 10% in the Asia–Pacific region in the first three quarters of 2020, equivalent to a 3% loss in gross domestic product.
Speaking of a "difficult environment", the Utrecht-based cooperative bank said that "ongoing improvements... (are) expected to result in an average annual reduction of our workforce by 1,000 ( employees) over the next five years."
ILO has estimated that the impact of huge job losses worldwide is creating a fiscal gap that threatens to increase inequality between richer and poorer countries. It estimated that global labour income declined by 10.7 per cent, or $3.5 trillion, in the first three quarters of 2020, compared with the same period in 2019, excluding government income support.
The United States remains under siege from the health crisis, but with new vaccines being distributed and inoculations running at more than 1.5 million each day, the economy is expected to run hotter this year.
7.ai, a customer engagement solutions provider, has added 2,500 people to its workforce, primarily in Bengaluru and Hyderabad. About 80% of 7.ai’s employee strength is currently working from home.
India took 'very decisive' steps to deal with coronavirus pandemic and its economic consequences: IMF chief
The IMF Managing Director during a global media roundtable on Thursday predicted a less bad outlook for India in the upcoming World Economic Update due to the steps taken by it.
More than any event in memory, the pandemic has been a global event. On every continent, households have felt its devastation, joblessness and lockdowns, infirmity and death.
Among the big-ticket items in the bill are $1,400 direct payments to individuals, a $400-per-week federal unemployment benefit through Aug. 29, and help for those having difficulties paying their rent and home mortgages during the pandemic.
"Despite the severe impact on revenue and cash, very surprisingly, the display of compassion and community outreach have produced a spontaneous level of commitment and loyalty from employees and job cuts and salary adjustments have not been as widespread an occurrence as originally apprehended," said the report.
Coronavirus seeps into TV plots. 'Grey's Anatomy', 'This Is Us' to weave impact of pandemic into storylines
Other medical shows like ABC's 'The Good Doctor' have already tackled the virus.
174 million travel and tourism jobs could be lost in 2020 due to Covid-19 and travel restrictions: WTTC
If the current restrictions to international travel continue through to the end of 2020, resulting in a limited recovery , the impact will be devastating, with as many as 174 million million jobs lost globally.
Nonfarm payrolls increased by 245,000 from the prior month, as the unemployment rate dipped 0.2 percentage point to 6.7%, according to a labour department report on Friday. The data also showed a worrisome decline in Americans participating in the labour force — indicating people were leaving jobs or stopped looking for work.
For the salaried class, the year 2020 was marred with job loss, pay cuts, higher inflation and so on. That is why many are hoping for announcements that can at least help ease their tax burden. Here is a list of some of the expectations of the common man from the Union Budget 2021.
The aerospace giant suffered a $2.4 billion second-quarter loss, reflecting the hit from much lower commercial plane deliveries as airlines suspend purchases due to falling consumer demand.
Airlines the world over have drastically cut back on flights due to border restrictions and a lack of appetite for travel, particularly internationally, because people are worried about contracting the virus and spending lengthy periods in quarantine.
The pandemic has taken an especially heavy toll on retail, tourism and hospitality jobs traditionally held by women, but experts say those able to retrain could tap into growth areas like digital marketing, e-commerce and online customer support.
Minister for Equalities Kemi Badenoch made an oral statement in the House of Commons as she presented the first quarterly report to Prime Minister Boris Johnson and Health Secretary Matt Hancock on progress to understand and tackle COVID-19 disparities on ethnicity grounds.
The biggest impact of the pandemic on businesses worldwide was to speed up the penetration and adoption of technology. Digitisation penetrated to the extent of eliminating travel for business, replacing it with virtual meetings everywhere.
However, there is a fair chance that the strain is already circulating under the radar in other countries, said Emma Hodcroft. The US-British molecular epidemiologist, based at the University of Bern, is a co-developer on the Nextstrain project, analysing SARS-CoV-2 sequences from around the world to monitor variations that emerge.
Schindler's net profit totaled 313 million Swiss francs ($338.45 million), the company said in a statement, down from 436 million a year ago.
Women bear the brunt of Covid outbreak at the workplace, more likely to be furloughed and lose jobs as compared to men
School closures during lockdown have exacerbated the situation because more women than men tend to care for children.
"For India, the report estimates job loss for 4.1 million youth. Construction and agriculture have witnessed the major job losses among seven key sectors," said the ILO-ADB report, titled 'Tackling the COVID-19 youth employment crisis in Asia and the Pacific', released on Tuesday. The young people's employment prospects in Asia and the Pacific are severely challenged due to the pandemic, it added.
The industry has asked that no new taxes be levied as the economy is under stress in its budget recommendations. Experts also opposed the idea, saying the timing wasn’t right.
Negotiating salary in normal times is stressful. It becomes even more stressful during pandemic times if you have been through salary cut or received a pink slip. Here is how you can talk to your manager about the revision of pay during the pandemic
The residential property market in metros such as Bengaluru, Mumbai, Delhi, Pune and Chennai have witnessed an increasing number of young professionals vacating rented homes and paying-guest accommodation, or asking for rent relief. Many such tenants have moved to their hometowns or are in the process of doing so, with companies also extending the work-from-home option as there is no let-up in the pandemic situation.
A top executive at Bounce said the on-demand two-wheeler rental service still has around $70 million in cash from its previous funding round and will utilise that capital to grow its EV business.
The world's second-biggest cinema chain, which has already said it was looking at different ways of raising additional funds, confirmed it will suspend operations at all of its 536 Regal theatres in the U.S. and its 127 Cineworld and Picturehouse theatres in the UK from Oct. 8.
A huge plunge in consumer spending as people stayed home and avoided shopping, traveling or gathering in crowds as the virus raged is estimated to have sent the economy sinking at a roughly 32 per cent annual rate in the April-June quarter.
The Sharjah-based airline, which has about 2,000 employees, did not say how many employees had been affected. It laid off 57 employees in May. The latest job cuts were a "last alternative" after the airline took a series of steps in past months to protect jobs, the spokesman said, without elaborating.
Jobs will be cut across sales and hiring divisions of the group globally. Announcing the plan in a message posted on LinkedIn's website, Chief Executive Ryan Roslansky said the company would provide at least 10 weeks of severance pay as well as health insurance for a year for U.S. employees, and will hire for newly-created roles from laid-off staff.
France's economy is expected to shrunk 10 per cent this year, in its worst recession since World War II. Earlier this month, French President Emmanuel Macron's centrist government unveiled a 100 billion-euro (USD 117 billion) recovery plan aimed at creating jobs and saving struggling businesses.
Almost 17 million women lost their jobs in the first month of lockdown alone, data released by the CMIE showed.
"We are seeing part of that plan in action here at the Barking Job Centre.We are doubling the number of work coaches this year, that's new, incremental activity.But all our other initiatives will also make a difference.
With the draft rules on OSH&WC, the government has put out draft rules for all the four labour codes and aims to finalise them in January, thus paving way for the implementation of the codes from April 1, 2021. The government has provided for double the wage in case of overtime beyond the fixed work hours prescribed in a week.
The measures include re-integrating into the labour market those who have lost their jobs or who have experienced a reduction in working hours, ensuring youth access to unemployment insurance benefits, and measures to boost their mental health - from psychosocial support to sports activities, ILO said in its report.
In recent weeks, the US is experiencing record high cases, deaths and hospitalisations. "I thought the US would do a better job handling it," said Gates, who in 2015 had warned the world of such a pandemic.
This postponement, say the institutes, is partly because of the delay in starting the academic year and partly because they are hoping for the situation — including the hiring sentiment — to improve by the time they start the process. Summer placements typically start around October or early November at most B-schools.
Consolidated net profit increased 5% from a year earlier to 2,467 crore in the quarter ended December 31. Revenue declined 2% to 35,596 crore.
Coronavirus impact on Oman. Oman asks firms to fire expats & hire locals. 7 Lakh Indians in Oman to bear the brunt.Covid-19 impact: Oman asks firms to fire expats, hire locals
After the lockdown was imposed, imports of rough stones dried up, and nearly 70% of workers left.
Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming.Covid-19 impact: Boeing slashes 12,000 jobs as virus seizes travel industry
As coronavirus-led uncertainty still looms large, the best course of action for you would be to evaluate long-term goals, current income levels, likelihood of income loss and provisions for any emergent financial impact like health risks.
Dubai Statistic Centre said the economy declined by 10.8% in the first six months of 2020, which the centre's executive director, Arif Al Muhairi, said was within the expected range of economic contraction, given the massive global economic impact of the COVID-19 pandemic.
Those who hold jobs that cannot be performed remotely are routinely losing their jobs. Unemployment in many economies has shot up as businesses do not have the wherewithal to pay salaries when there are no revenues to support them.
Once called ‘hype’, intelligent machines are increasingly playing a prominent role in a Covid ravaged world. As humans are confined to homes, can tech provide succor?
At least, four companies told ET that they were thinking of reducing their temporary staff by 40-60% this month to rein in costs amid uncertainty due to the Covid-19 pandemic.
While the new restrictions are so far not as drastic as the near-total shutdown of public life imposed in the spring, they are kicking an economy that's down. For many Europeans, there is a foreboding sense of deja vu.
"On an average, about 100 Indian nationals in Singapore continue to register daily with the High Commission here for flights back home, with over 11,000 having registered so far," Indian High Commissioner P Kumaran said on Wednesday.
Several recruiters made alternate arrangements to start the internship as per their original commitment via digital media, leveraging their IT capabilities. Some others deferred the joining dates to April 13 or April 20 to deal with emerging challenges of the lockdown. At this time, 90 per cent of the employers are expected to start their internships by April 20.
The airline, which was the world's biggest operator of the 747-400 model, had already planned to ground its fleet of 31 of the iconic wide-bodied jets in 2024. But the pandemic, which has seen most of the world's planes grounded for the best part of three months, has hastened its journey into retirement, especially as forecasters predict that passenger numbers will remain lower than normal, potentially for years to come.
The Budget for the fiscal year beginning April made no changes in personal or corporate tax rates but raised customs duties on certain auto parts, mobile phone components and solar panels in order to provide impetus to domestic manufacturing.
The Fed may eventually buy more bonds, offer more detailed promises to keep credit easy for years to come, or even take more aggressive steps if the pandemic worsens and conditions deteriorate.
Leading developers like DLF, Emami Realty, ATS, Omaxe and Alpha Corp have shifted focus towards smaller cities to monetise the land banks they had held for long.
The company, based in France, said Thursday that its deliveries fell almost 50 per cent to 196, with revenue sliding almost 40 per cent to 18.9 billion euros. It said it was further scaling back production of its A350 long-haul jet, from six a month to five, after trimming from nine a month in April.
"When you are looking at the manufacturing sector and the industrial sector, the growth essentially comes from an uptick in the spending, which is not happening," LIC Managing Director Vipin Anand says.
Change management has become an everyday reality, in the new paradigm. In this context, an innovative mix of the approaches of Scenario Planning and Appreciative Inquiry can enable organizations to predict, negotiate and manage change more effectively.
In a region that depends heavily on cheap foreign labour, expats in the sultanate make up about 40 percent of the country's 4.5 million-strong population.
The report said data for the 14-day period from September 17 to 30 suggests that India may have crossed the peak of COVID-19 caseload.
The BCC said 61% of firms had suffered a fall in sales since October, based on a survey of 1,115 of its members carried out between Jan. 18 and Jan. 31. Some 25% said that they would need to make staff redundant if the furlough programme is not extended, and 25% also said they would cut staff hours in that situation.
You should try to save by cutting your discretionary expenses, so that you don’t have to go into debt for your survival. With digitisation opening up a lot of new opportunities, you must look out for some ways to supplement your income.
At least a dozen manufacturers in sectors such as automobiles, metals, mining, energy, infrastructure, healthcare and consumer goods said they plan to hire 250-600 graduates each this year.
Placement firm TeamLease Services has received 22,367 resumes in May from hospitality sectors alone, up a staggering 444 per cent from 4,109 in the previous month. Professionals who are proactively looking out have either been handed out pink slips or are facing job threats as their companies take the restructuring route, said executives aware of the matter.
Although the black swan event shook the very foundation of this vibrant and bustling sector, the players are putting up a brave front, optimistic to regain the "lost vibrancy in the latter half of 2021" and are banking on 'revenge travel' once the health crisis is controlled to help the sector recover.
Kerala has historically benefited from a large population of expatriates sending money back home, helping drive economic and social gains such as India’s highest literacy rate and the country’s highest sex ratio. The state accounted for about a fifth of some $80 billion sent home last year by Indians living abroad.
The virus likely to affect professionals working in marketing, sales, operation and production domains.
"Since the outbreak of COVID-19, companies have been cancelling interviews. We expect 60-65 per cent interviews getting dropped or delayed as there is lockdown in many parts of the country and people are encouraged to stay at home to curtail the spread of the virus," TeamLease Services Business Head BFSI and government vertical, Amit Vadera told.
For months, the virus has hammered the economy, disproportionately affected the poor and upended daily life - and now the state and the rest of the country are trying to curb another surge of infections.
Europe's biggest bank in June resumed plans to cut around 35,000 jobs it had put on ice after the coronavirus outbreak, as Europe's biggest bank grapples with the impact on its already falling profits.
In its preliminary assessment report titled "COVID-19 and world of work: Impacts and responses", the International Labour Organization (ILO) calls for urgent, large-scale and coordinated measures across three pillars - protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
"The pandemic has resulted in the largest global economic contraction of the last eight decades: it is impacting developing, emerging and developed economies; increasing the global poverty rate; exacerbating inequalities; and damaging long-term economic growth prospects," according to a joint-ministerial communique issued by the two UN-backed institutions.
The International Air Transport Association (IATA) said its latest estimates indicate a worsening of the country impact from the COVID-19 crisis in the Asia-Pacific region. About India, IATA said the pandemic is expected to potentially impact 29,32,900 jobs in the country's aviation and its dependent industries.
The Tata Motors spokesperson said the British subsidiary was working towards an orderly return to production as soon as conditions permitted and was tightly managing all costs and investments, as well as working capital.
As lockdowns have shut banks and money-transfer offices, marooned migrants couldn't send money home.
View this as a temporary setback. While building a life and career around a salaried job, the ups and downs that come with movement of the job from one place to another are inevitable. It is important to take it in one’s stride.
The Federation of Associations in Indian Tourism & Hospitality (FAITH) also said there should be a support fund for twelve months to support basic salaries with "direct transfer" to the affected tourism employees. "As a result of this pandemic, Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment," FAITH said in a letter to PM Modi.
Industry body Bus & Car Operators Confederation of India (BOCI), which claims to represent 20,000 operators with 15 lakh buses and maxi-cabs and 11 lakh tourist taxis providing direct employment to 1 crore people, said these private operators need government support in the form of waiver of taxes and interest on loans as many of them are facing closure.
Commerzbank, the biggest lender to Mittelstand firms, also told Reuters that the number of companies going into "intensive care" was lower than it had feared and there was no rush by its clients to get new credit lines.
Bank credit is an important factor illustrative of the general economic climate because it denotes aspects like the investments which are happening in a country or consumption of high-value items. Crisil expects a 5 per cent contraction in India's GDP for 2020-21.
Any long suspension of talks will make it even tougher for the negotiators to clinch a deal ahead of Jan. 1, when the existing trade agreements between the EU and Britain expire.
The job losses come despite "resilient" third quarter results, with profits down 41.4 percent to 788 millions euros on turnover of 4.28 billion euros, down 7.3 percent, the bank said in a statement.
The rates of obesity may explode because of measures to limit the spread of Covid-19.
Emkay Global says the fall in crude prices and moderating agri-input prices should drive margin gains for most staples.
U.S. West Texas Intermediate (WTI) crude futures fell 18 cents or 0.4%, to $45.58 a barrel at 0153 GMT, while Brent crude futures fell 24 cents, or 0.5%, to $48.55 a barrel
The report is based on a survey conducted by QS IGAUGE, which rates colleges and universities in India with complete operational control held by the London-based Quacquarelli Symonds (QS), which comes out with coveted global university rankings.
When will travellers return? Decimated by Covid-19, travel and hospitality recovery will be a long stretch
The travel industry is bracing itself for the new changes that will have to be factored in post lockdown.
The move is primarily aimed at providing immediate relief to over 7 million people employed in the F&B Sector who stand severely impacted due to the outbreak and spread of COVID-19.
Airbus, after adjusting for different levels of labour intensity, has now calculated that its "single-aisle equivalent" production rate, which is likely to drive decisions on staffing, will be down 40% for two years, the sources told Reuters.
The layoffs will be achieved through voluntary buyouts, the U.S. automaker said in an email sent to employees. The buyouts will be offered to employees who are eligible for retirement.
Having staff work from home is difficult because of rules on handling of sensitive material.
59.8% of the respondents who have upskilled during the lockdown are those with a work experience of 10-14 years. On the other hand, 41% of the respondents who believe working from home is a better option belong to the age group of 26-35 years.
The Indian-origin finance minister said that the "unprecedented" furlough scheme he had unveiled in March to keep millions of people in jobs on a forced leave basis while the government covers a large of their salaries has been extended to provide UK businesses with the certainty they need.
An urban version of the MGNREGA scheme will soften the blow on citizens most affected by the coronavirus fallout, which set Asia’s third-largest economy on course for its deepest contraction in history. The idea is to start with smaller towns because big-city projects typically need professional expertise, an official said.
The 24th edition of Aon's annual Salary Increase Survey in India shows that while e-commerce and professional service firms are expected to give a 10% hike this year, transport and logistics sector, at 7.6%, ranks the lowest in terms of projected salary hikes for 2020.
Hiring has begun, and there is optimism among corporates in view of the festive season. IT and critical roles are in demand, but for an overall revival in recruitments, it may take anywhere between 6 and 18 months.
These include software engineers, physicians, teachers, accountants, analysts and the type, who are professionally qualified and are employed in some private or government organisation. This, however, does not include qualified self-employed professional entrepreneurs’.
Millennials became the best-educated generation and more open to social change.
A majority of the firms engaging in production of essential products and supply of ancillary goods are facing constrained operations during the lockdown. Firms have revealed that access to manpower and movement of products have emerged as major constraints in essentials trade, be it manufacturing or warehousing and transport or retail sales.
There could be as many as one crore job cuts in the textiles sector due to Covid lockdown, as per CMAI.