It was just yesterday, when people used to manage all of their expenses and finance as this time is – Salary time! But, today, it’s the empty pockets for all employed and unemployed people! As now Covid-19 is what we have on our plates, which was supposed to stay for some time has joined us for god knows how many years? The symptoms of COVID is clearly visible on Economy and moreover on the Service Sector.
We have forever known the difference between Employment and unemployment. Though, what we are experiencing now is a mixed form of the two, the Bonded form. The compulsory charity has been started in the service sector. The major economic sectors already saw a major low last year, and now again due to the lockdowns, which is but-essential is believed to see a major low in the coming months. It could observe a downfall even more than the expected one.
The demand and consumption have been hurt majorly, even the major households have seen the lows. Though it’s very well predicted that the demand for goods and service would see a hike in festive season, that would be around September. But, what about the person who are living on the half salary and the Savings? The organised sector can pass these times. Although, various informal sectors will once again be in deep distress.
Joblessness is already running high, as according to the CMIE data – unemployment has seen 8% hike and around ten million salaried person have lost their jobs. Even after re-gaining the job, the stipend and salary is not upto the expectations and earlier salary.