Survey, Retail News, AND Retail

When it comes to losing a job permanently, the younger and older segments of the workforce have reported an increase in setbacks in the second wave of the pandemic, a company survey finds Fortune500.

The survey, conducted in April this year, covered 2,000 people in India.

Six percent of those over 55 say they have lost their job permanently, up from 4 percent last year.

Among those under 24, the proportion of people reporting permanent job loss rose to 11% from 10% a year ago, according to a survey by financial technology company FIS.

The Indian Economic Watch Center in May estimated that more than a crore of Indians had been laid off due to the second wave of the pandemic and that the unemployment rate had peaked at nearly 12 % in 12 months.

He said that in all other age groups there had been a decline in the number of people reporting permanent job loss in 2021 compared to the period the previous year.

In addition to the permanent job loss, nine percent of 18-24 year olds said they had faced a temporary layoff compared to 21 percent last year, while in the case of those over 55, the incidence fell to seven percent from last year. 13 percent.

Meanwhile, the pandemic and its economic impact – GDP contracted 7.3% – also appear to be leading to an increase in incidents of fraud, with a third of those surveyed saying they have experienced fraud in the past 12 months.

Among 18-24 year olds, 38% said they had witnessed fraud in the past 12 months, while the same percentage rose to 41% in the case of 25-29 year olds.

“Financial frauds were primarily through phishing, followed by QR / UPI code scams, but consumers were also victims of card scams and skimming,” the company said in a statement.

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