Unemployment rate
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US-based firms sack over 2.7 lakh employees in Q1, up nearly 400%
In March alone, employers announced 89,703 cuts in March, up 15 per cent from the 77,770 announced in February, according to the report by global outplacement and business and executive coaching firm Challenger, Gray & Christmas. It is up 319 per cent from the 21,387 cuts announced in the same month in 2022. "March's total marks the third time this year when cuts were higher than the corresponding month a year earlier," the findings showed.
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.
Over 15K tech workers lose jobs in May globally
According to layoff aggregator layoffs.fyi, more than 15,000 tech workers have lost their jobs this month, reports TechCrunch. Since March 2020 when the Covid-19 pandemic started, 1.25 lakh employees have been laid off by around 718 startups globally. Tech companies are facing multiple issues like rising inflation, recession fear, Russia-Ukraine war.
Retail sector surpasses pre-pandemic levels with 47% y-o-y growth: Report
The re-opening of brick-and-mortar stores have resulted in a sharp rise in the retail job market. Easing of Covid-19 curbs have resulted in consumers frequenting recreational centres such as malls, creating a demand for retail talent following improvement in supply chain disruptions and global mobility resuming, growth has been witnessed in import and export (up 29 per cent) and travel and tourism (up 15 per cent) sectors as well.
EPFO adds 14.12 lakh net subscribers in February
According to the Ministry of Labour and Employment, the month-on-month comparison of payroll data reflects a slight increase of 31,826 net subscribers in February compared to the previous month. On a year-on-year comparison, February 2022 saw an increase of 1,74,314 as compared to the net subscriber addition in corresponding month of 2021. There is consistent increase in the net subscriber addition since October 2021, showcasing trust in the services rendered by the organisation.
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