When it comes to completely losing a job, the youngest and oldest sectors of the workers have reported a rise in setbacks in the second wave of the pandemic, according to a poll conducted by a Fortune500 firm.
The study, which was conducted in April of this year, included 2,000 people in India. According to the poll, 6% of individuals over the age of 55 had permanently lost their employment, up from 4% the previous year.
According to a poll done by financial technology company FIS, the number of people under the age of 24 reporting a permanent job loss has risen to 11% from 10% the previous year.
A substantial number of paid staff were also laid off. According to CMIE, while minor traders, including hawkers, may be able to return to work following the lockout, paid workers may have a more difficult time regaining their employment.
According to CMIE’s research, the vast scale loss of employment among businesspeople indicates that the loss during the lockdown is not confined to workers but also to businesses.
The graph compares unemployment to the labor participation rate (employed plus those looking for work) in each state as of April 2020. Tamil Nadu is one of the worst-affected states, having an extremely high unemployment rate.