COVID-19 Crisis Affects Private Sector Plans Layoff, Pay Cut

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COVID-19 Crisis Affects Private Sector Plans Layoff, Pay Cut


According to a survey, many structured private sectors in India is planning to have major job cuts/layoffs that have significantly affected the economic activities due to the COVID-19 crisis and lockdown.

New findings, Layoff Survey 2020, from MyHiringClub.com and Sarkari-Naukri.info. 68 percent of employers surveyed either have implemented or are in the process of laying off.

COVID-19 Crisis Report Survey:
The online survey included 1,124 companies across 11 business sectors in 25 major cities. The survey was performed from May 1 through May 10, 2020. Similarly, in the current pandemic situation, all businesses are suffering as a result of the COVID-19 crisis, and the suffering is now turning into unemployment at all industrial levels. In addition, businesses are even cutting the salaries of those employees they plan to keep.

"This crisis is very temporary and new job development and hiring will certainly begin once businesses recover from it," said Rajesh Kumar, CEO of MyHiringClub.com & Sarkari-Naukri.info.

The likely percentage of layoffs for employees with more than 15 years of experience was 21 percent, while for junior-level employees it was 18 percent (1-5 years experience).
As was the case with the COVID-19 crisis, the damage was massive. And the lockout, extended twice, is set to expire on May 17.

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