Half a million jobs lost in India

[Omar1984]

Half a million jobs lost in India

Sunday, February 22, 2009
NEW DELHI: Half a million jobs were lost in India from September to December last year in the sectors of textiles, automobiles and information technology, the private Indo-Asian News Service reported on Friday quoting government official sources, according to Xinhua on Saturday.

A study by the Labor Ministry said total employment in the sectors of mines, metals, gems, jewelry, textiles, automobiles, transport and IT-outsourcing fell from 16.2 million in September to 15.7 million in December, due to the economic meltdown, said the report.

Labor Minister Oscar Fernandes said earlier that the average earnings of Indians also declined by 3.45 per cent during the same period of time. Indian left-wing parties and labor unions put the number of jobs lost since September last year at 2 million.

India’s External Affairs Minister Pranab Mukherjee, who also holds the portfolio of finance minister, said on Friday Indians have to share the pain of economic crisis, while promising to protect Indian jobs even through lowering salaries.

“Jobs must be protected even if it means some reduction in compensation,” said the minister.

Indian Prime Minister Manmohan Singh, who holds the portfolio of finance minister, is recovering after a heart surgery.

 

[Omar1984]

Don’t fire staff, cut pay: Govt urges India Inc

New Delhi: With elections round the corner and political concerns weighing heavy on its mind, the Government today advised Corporates to opt for salary cuts over retrenchment of employees.

Addressing the 42nd session of the Indian Labour Conference, External Affairs and Finance Minister Pranab Mukherjee said: “Jobs must be protected even if it means some reduction in compensation at various levels.” The numbers of unemployed, working poor and vulnerable employed can be highly distressing, he said, and stressed the country’s social welfare net needed strengthening.

According to the latest labour ministry estimates, 500,000 people lost their jobs between October and December 2008, numbers that officials believe could be just the tip of the iceberg. “Many companies have sought government permission to retrench employees,” said an official. W R Vardarajan, all-India secretary of the Centre of Indian trade Unions (CITU), said he expected around 10 million job to be cut by March 2009.


Arjun Sengupta, chairman, National Commission on Enterprises in the Unorganised Sector, said Mukherjee’s advice would be standard prescription in most liberal polities. “In a deflationary situation, pay-cuts at various levels is a common policy response. The only other solution is to increase demand,” he said.

CII Director-General Chandrajit Banerjee said India Inc. would be “responsive”. “The approach of industry has been keeping the context of social implications in mind. Industry would be responsive in its approach.”

Former Ficci president and Rajya Sabha member Rajeev Chandrasekhar, however, said job losses had been largely in the unorganised sector and the small and medium businesses. “Here, talking about pay cuts is irrelevant,” he said.

Mukherjee’s statement came nine months after Prime Minister Manmohan Singh expressed concern over flashy corporate lifestyles and enormous pay packets. At CII’s annual meeting last April, when the global financial crisis had just begun to unfold, Singh had urged India Inc to incorporate an element of sobriety in its lifestyle.

Mukherjee quoted extensively from a recent ILO report that projected the rate of unemployment to rise to 6.1 per cent globally to 18 million new jobless this year.

Don’t fire staff, cut pay: Govt urges India Inc

 

[Omar1984]

Half a million Indians lost jobs between September-December 2008

New Delhi - Half a million people lost their jobs in India in the four-month period ended December 2008 due to the economic slowdown, the government informed parliament Friday.

The assessment of the job losses was based on a quick sample survey by the Labour Ministry of seven sectors hit by the downturn.

These included mines, textiles, metals, gems and jewellery, automobile, transport and the information technology and business process outsourcing.

The total employment in all the sectors covered by the survey conducted by the Labour Ministry went down from 16.2 million during September 2008 to 15.7 million in December 2008, resulting in job losses of about half a million people, federal Corporate Affairs Minister Prem Chand Gupta said in a written reply to parliament.

Gupta said the government had taken several measures to meet the situation, including two incentive packages announced on December 7 and January 2 aimed at stimulating the economy.

Half a million Indians lost jobs between September-December 2008

 

[PeacefulIndian]

Everything is true....Why only India, all the world is facing heat of economic crisis. Effects on Pakistan are probably worst possible.