UNEMPLOYMENT- THE NEXT PANDEMIC
“The production of too many useful things results in too many useless people.”
Unemployment has always been a major problem in India and the division of production and labor work are yielding many consequences. What unemployment really is? Are the people themselves being stubborn and lethargic causing such problems or do many of us seeking jobs are not making up for our desired dream jobs.
With the current problems revolving around us there are other issues as well which are creating havoc not only in India but around the world. Unemployment is achieving greater heights and hitting the worst of its levels. This is not the first time we are facing these issues. Uncertainty and less surety of dependence on labor work has started showing that it is a serious problem. There are people who really want some sort of work so that they can have their daily bread. We all know the major sectors which face this issue are labor work and engineering. Wanting for the constant raise in wages by the labourers is one of the major reasons they get fired. Fluctuating demand for labour is another cause of unemployment, especially in India.
There are many other reasons causing unemployment in the world. The major was observed in the 2008-09 recession leading to huge crisis in the corporate world. The economy had gone low, to be precise it was negative, many companies had to shut down and half of them faced increased costs and falling revenues. The stock market had seen losses in various ventures. Due to many business failures people started to panic and demand for the products became very less which resulted in companies firing employees as they were already in debts and couldn't afford to pay salaries. This increased the number of people being unemployed. According to The New York Times 2.6 million people lost their jobs and unemployment rose to 7.2%.
Modern problems require modern solutions, we all know that and heard enough about it but if we think wisely, without catching the attention it is causing unemployment. Almost 48% of people have adapted themselves with new technologies. Maids have been replaced by cleaning robots, automatic vacuum cleaner, dishwashers, washing machine etc. This was a good example of how labour work has been replaced by various types of technology.
Unemployment in India plays a huge role which affects the GDP as well. Everyone loves to be their "own boss" but people lack the knowledge of what exactly it means. Many say that billionaires are self-employed and such believers aspire to become so. But they again fail to understand that most billionaires were first employees. Another reason is people in India who have lack of skill in inculcation don't look for opportunities and simply give up and then they say no work to do. Others just depend on one venture and don't think what if it goes in loss. Some only prefer government jobs and want easy work. Labour laws in India are very flexible and restrictive. This has a negative impact on labourers resulting to unemployment. There was a constant unemployment rate in India for 3 consecutive years i.e. 3.5%.
The outbreak of COVID-19 has had a negative impact on almost every sector resulting in a recession in most countries. Unemployment rates are now higher than 24% in India itself. Unemployment is at its peak, due to lockdown in many countries the economic growth has been stopped. Every One out of four Indians in the working sector have lost their jobs due to salary cuts. People are quitting jobs and companies are cutting wages
Travel agency AIRBNB fired 1900 employees, reducing its workforce. UBER India also fired 500 people in two weeks. 12.12 crore people in India lost jobs and the unemployment rate increased to 27.1%. Fitness regime Cure. Fit fired 800 employees. Even the prestigious motor company Rolls Royce planned to fire 8000 employees. The US lost 20.5 million of jobs which is a huge number and resulted in the unemployment rate rising to 14.7 % which is higher than post World War 2. It's high time now and we should really take it as a serious concern otherwise it won't be long to experience another pandemic being unemployment.