In a bad news for the labour markets, the unemployment rate in the country was recorded at 6.9 percent in October 2018, highest in 2 years, according to the Centre for Monitoring Indian Economy (CMIE) data. The number was 6.75 in October last year. A sharp fall in number of people employed was observed as the estimated number of persons employed during October 2018 at 397 million was 2.4 percent lower than the 407 million persons employed in October 2017, CMIE October data showed.
The report also said that 42.4 percent of India’s adult population was interested to work in October 2018. This labour participation rate was the lowest witnessed since January 2016.
The job seekers are also on rise as 29.5 million unemployed individuals were actively looking for jobs in the month of October this year. It was more than the 21.6 million unemployed individuals recorded during the given period last year. While Consumer Sentiment index was up 0.3 points at 100, Consumer Expectations Index came at 99.7, CMIE data showed. Similarly, the Current Economic Condition Index stood at 99.1, according to CMIE October data.
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Meanwhile, in India, 82 percent of men and 92 percent of women workers have earnings under Rs 10,000 per month, according to “State of Working India 2018” compiled by Azim Premji University released last month. The report had showed that 43 percent of men and 71 percent of women had earned less than Rs 5,000 per month in 2015.
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“India’s low earnings problem continues despite wage growth in the recent past,” the report stated. In 2015, 67 per cent of households reported monthly earnings of up to Rs 10,000 in 2015. The minimum salary under the Seventh Central Pay Commission (CPC) is Rs 18,000 per month, according to the report.
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