Ever since the Indian Government announced the lockdown in the nation, most companies have laid off employees and enforced salaries deductions, despite the government urging them not to do so. According to a report published in the Hindu, the coronavirus pandemic has led to a spike in the country’s unemployment rate to 27.11% for the week ended May 3.
Moreover, the unemployment rate is staggering day by day and witnessed the highest rate in urban areas due to the rise in coronavirus cases. Eventually, younger people seem to be more stressed and optimistic because of job loss and money problems. It is, therefore, the worst year for many millennials who have become a part of another recession in 2020. Does this sound familiar to you? Let’s explore some more facts.
List Of Some Companies That Have Laid Off Their Employees Due To The COVID-19 Crisis:
Here’s the report by Scroll.in, discussed the facts about the companies that have laid off their employees-
- Ola is the first company that sacked off 1,400 employees. After the government had refused all ride services in March while enforcing the lockdown.
- As per the economic times, Twitter-backed ShareChat, an Indian video-sharing social networking service, laid off 101 employees.
- Whereas WeWork , laid off 100 employees, or 20% of its workforce in India, to cut costs and revamp operations.
- Food delivery company Swiggy and Zomato announced laid off 1,100 employees, or nearly 14% of its total workforce after the demand for online food ordering declined in the past two months.
- On May 6, a report said that Uber had decided to sack 500 to 700 employees from its India office due to a sharp decline in revenues. The firm has also decided to sack around 6,500 employees globally.
- Reliance Industries announced pay cuts of up to 50% for some top oil-and-gas division employees on April 30.
- Employees earning more than Rs 15 lakh a year will face a 10% cut while senior executives will have to take 30% to 50% salary cuts.
- On April 22, hotel chain Oyo Rooms said it would cut the salaries of all employees by 25% for four months, and also sent some of its people on leave with limited benefits.
- News website The Quint sent 45 employees on indefinite leave without pay, Newslaundry reported. The affected employees were to be paid half their salaries for April.
- News Nation Network abruptly laid off its entire English digital team of 15. The employees were not given a termination notice, nor were they allowed to serve their notice periods.
- The Indian Express had on April 1 asked its employees to take a “temporary salary cut”.
Impact Of COVID-19 On Unemployment Rate In India
Undoubtedly, coronavirus has affected almost every country in the world, and India is not an exception. This is the reason why many businesses and professionals are struggling and hoping for the best to get back to normal life. In addition, CMIE (Centre for Monitoring Indian Economy) report shows that 27 million youth in the age group of 20-30 years lost jobs in April.
In the end, I have one message for people whosoever are suffering from unemployment in this tough situation- COVID-19.
Never Lose Hope As Tomorrow Could Be The Day You’ve Been Waiting For!
Meanwhile, if you want something beautiful to happen, just wait for the right time and cope with the current scenario. This is the only way to stop being stressed and depressed, and because not having a job can wreaks havoc on your mental health.
Keep trying, Keep exploring!