Thousands of employees get fired every year from PSUs, private companies; these reasons to blame

Mangalore Today News Network

New Delhi, Dec 09, 2019: Industrial disputes, closures, retrenchments, and lay-offs have led to the firing of thousands of employees every year across the private and public sectors of India. In the first ten months of the current calendar year, 3,378 employees have already been laid-off from their jobs, according to the data provided by Santosh Kumar Gangwar, MoS, Ministry of Labour and Employment, in a reply to a question in Rajya Sabha. Among those who were fired from their jobs during January-October this year, 2,284 were from the private sector and 911 employees were from the public sector, Yahoo reported.

 

In the three previous years – 2016, 2017, and 2018 – the number of employees who were fired from their jobs in the first ten months was 4,200 6,449, 3,688 respectively, according to Labour Bureau statistics. The statistics also show that on average, the lay-off from a single public sector company is much higher than that from a single private sector company.

Santosh Kumar Gangwar also said that the unemployment rate among graduates is 17.2 per cent, while those among post-graduates & above are 14.6 per cent respectively. Out of 6.3 crore graduates workforce in India, around 94 lakhs are willing to work and are actively searching for a job, but are unsuccessful in grabbing one, according to CMIE.

One of the major reasons why the unemployment rate in the country among educated class is higher is that the loss of jobs in other avenues has made the less skilled manpower to revert to their farmlands and claim that they are employed in agricultural activities, whereas the graduates hardly have this option.

Meanwhile, the current unemployment rate of India is 7.4 per cent, while the urban unemployment rate is 8.9 per cent, according to the Centre for Monitoring Indian Economy (CMIE).