Wage-Cuts & Extended Hours
Due to work-from-home orders, most IT firms are exploiting workers without any limits on working hours. Overtime pay is also not provided. In fact, several companies have announced 15%-50% wage-cuts.
Many middle-class workers who lost their jobs are struggling to pay their EMIs for their Education loans, housing loans, medical loans, etc. Graduating youngsters about to look for a job are in deep fear. The dreams of our youth are shattering right in front of us. The worries of millions of families appear to never end.
Job Losses in Formal Sector
While majority of the unemployed (9.1 crore) are daily-wage workers, 1.7 crores salaried workers and 1.8 crore small business owners are also out of jobs. IT sector is among the worst hit. “Scroll” magazine has reported about lay-offs, even up to 20%, in multiple firms, including Ola, Uber, Zomato and Swiggy. Apart from these, countless job losses have happened in “Start-Up” sector too. Media is hardly reporting about the job losses in media sector itself. Many media houses, including the huge ones, are executing their long-term plan to downsize staff. This remains unknown to outside world.