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Due to economic slowdown, 16 lakh less jobs will be generated: SBI Ecowrap

Due to economic slowdown, 16 lakh less jobs will be generated SBI Ecowrap

In the current financial year 2019-20, it is estimated to create 16 lakh fewer jobs as compared to the previous financial year 2018-19.

SBI Ecowrap Report

Job creation in the country has been badly affected due to the slowdown in the economy. In the current financial year new job opportunities have been born less than a year ago. A report said that in the current financial year 2019-20, it is estimated that 16 lakh fewer jobs will be created as compared to the previous financial year 2018-19. A total of 89.7 lakh employment opportunities were created in the last financial year.

According to SBI research report Ecowrap, in states like Assam, Bihar, Rajasthan, Uttar Pradesh and Odisha, there has been a decrease in the amount of money sent by people going out for job wages. This indicates that the number of contract workers has decreased. For these states, we go to states like Punjab, Gujarat and Maharashtra for wages and keep sending money from there.

89.7 lakh new opportunities created in 2018-19: EPFO

According to data from the Employees’ Provident Fund Organization (EPFO), 89.7 lakh new jobs were generated in 2018-19. In the current financial year, it is estimated to decrease by 15.8 lakhs.

The EPFO ​​figures mainly include low-paid jobs with a maximum wage limit of Rs 15,000 per month. As per the calculations done in the report, 43.1 lakh new shareholders were added to the EPFO ​​during April-October. On an annual basis this figure will be 73.9 lakhs.

However, these EPFOs do not include figures of central and state government jobs and people engaged in personal work. Since 2004, these figures have been transferred under the National Pension Scheme (NPS). According to the report, according to the current trends in the state and central government also in the data of NPS category of employment, it is estimated that 39,000 fewer opportunities will be created in the current financial year as compared to 2018-19.

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