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Overall jobs growth rate slips to 3.5% in FY20: Report

Source | | PTI

MUMBAI: Reflecting the overall stress in the economy, the employment growth rate declined to 3.5 per cent in FY20 from 3.8 per cent in the previous fiscal year, but the total number of jobs increased to 50.02 lakh from 48.32 lakh, says a report.

In FY20, 1.70 lakh new jobs were added, while the net addition was 1.76 lakh in FY19, shows a CARE Ratings report.

But in FY20, as many as 321 companies reduced their headcounts by 1.13 lakh compared to 272 companies doing so by 1.18 lakh in the previous year.

In FY20, top 10 companies added 1.41 lakh to their headcounts of which four each were in IT and banks and two in the NBFC space.

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