Jobs
Job vacancies in India's BFSI sector see significant growth in March: Report
The report by job platform Naukri showed that insurance and banking sectors are witnessing a secular bull run in new job creation, significantly contributing to the upward hiring trend in the overall white-collar job market of India.
If layoffs accelerate in next few months, a recession 'will be underway'
A commentary in Fortune said that the world is witnessing the beginning of increasing unemployment in the financial sector and high-tech, which "benefitted from the US Federal Reserve's easy money policies since the Great Recession of 2008" In an effort to cool off the economy and get inflation to its target rate, the Federal Reserve began to increase the Fed funds rate rapidly throughout 2022.
EPFO fixes 8.15% interest rate on employees' provident fund for 2022-23
The decision was taken by EPFO's board of trustees. Last year, EPFO had declared 8.1 per cent as the rate of interest for 2021-22, which was the lowest in 40 years. The last time the interest rate had slipped to 8 per cent was in 1977-78. Subsequent to the CBT decision, the interest rate on EPF deposits for 2022-23 will be sent for the finance ministry's approval.
Disney's 1st job cut round begins this week, 7K employees to be hit: CEO
The job cuts will reportedly affect Disney's media and distribution segment along with ESPN and the parks and resorts division, according to CNBC. "This week, we begin notifying employees whose positions are impacted by the company's workforce reductions," Iger wrote in the memo.
Walmart laying off hundreds of employees to prepare for future needs of customers
Walmart is shrinking its workforce as many retailers plan on roughly flat or declining sales, reports CNBC. A company spokesperson said that this decision was not made lightly. "We're working closely with affected associates to help them understand what career options may be available at other Walmart locations," the spokesperson said in a statement.
Developer most sought-after job role in India amid tech layoffs
Despite the layoffs, technology job roles still account for 15 of the top 20 titles in the country, according to data from job portal Indeed. The job roles that have seen the highest growth since pre-pandemic are data engineer (353 per cent), site reliability engineer (260 per cent), assistant engineer 254 per cent), application developer.
EPFO adds 14.93L members in Dec 2022; Maha, TN top the list
The year-on-year comparison of payroll data reflects an increase of 32,635 in net membership addition in December 2022 as compared to the corresponding month during last year in 2021. The provisional payroll data of the EPFO released on Monday highlighted that out of 14.93 lakh members added during the month, around 8.02 lakh new members have come under the social security coverage of EPFO for the first time.
Most Indian employers intend to hire in 1st half of 2023
According to Naukri.com, around 46 per cent of recruiters expect new and replacement hiring, 29 per cent expect only new job creation, and 17 per cent are looking to maintain their headcount. With the ever-increasing demand for tech skills, maximum hiring is expected for IT roles.
Tech jobs still hot in US amid mass layoffs, finds report
According to data by job portal Indeed, the tech jobs in high demand are full-stack developers at the top spot, followed by data engineers, cloud engineers, senior product managers and back-end developers, among others. Almost half, about 44 per cent, of the top 25 were tech jobs in the US market, reported CNBC, citing the data.
Worst months for layoffs arrive as thousands brace for job losses
According to data from the Bureau of Labor Statistics in the US, January is the highest month for layoff and discharges. "Business leaders want to set up finances for success in 2023. It's a good bet that tech companies that haven't yet laid off employees are carefully considering whether or not to do so," according to J.P. Gownder, vice president and principal analyst for advisory firm Forrester Research. "It wouldn't be surprising to see more layoffs in the next few weeks," he told Wall Street Journal. December marks the end of the fiscal year for many companies, making January an ideal month for "organisational realignment and adjustment".
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