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Highest incidence of job losses among younger and older employees in the second wave: survey | India News

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MUMBAI: When it comes to losing a job permanently, the youngest and oldest segments of the workforce have reported an increase in setbacks in the second wave of the pandemic, according to a survey.
The survey, conducted in April this year, covered 2,000 people in India.
Six percent of those 55 and older reported having lost their job permanently, up from 4 percent last year.
For those under 24, the proportion reporting a permanent job loss has risen to 11 percent from 10 percent in the prior year period, according to a survey by fintech company FIS.
The Center for Monitoring the Indian Economy estimated in May that more than 1 crore of Indians had been left without work due to the second wave of the pandemic and the unemployment rate had hit a 12-month high of almost 12 percent. .
He said that across all other age group groups, there was a drop in the number of people reporting a permanent job loss in 2021 compared to the prior year period.
Aside from permanent job loss, nine percent of 18-24 year olds said they have faced temporary layoffs compared to 21 percent last year, while those 55 and older , the incidence was reduced to seven percent from 13 percent last year.
Meanwhile, the pandemic and its economic impact (GDP contracted by 7.3 percent) also appears to be increasing fraud incidents with a third of those surveyed saying they have experienced fraud in the past 12 months.
Among 18-24-year-olds, 38 percent said they had witnessed fraud in the past 12 months, while it rose to 41 percent for 25-29-year-olds.
“Financial fraud occurred primarily through phishing, followed by QR / UPI code scams, but consumers were also victims of card skimming and scams,” according to a company statement.



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