As per an Economic Times study of the 30 Sensex Companies, the pace of growth in India’s white collar jobs has reduced from 8.4% in 2018-19 to just 4.4% year-over-year in 2023-24.
This means that the growth rate has almost halved as compared to what it was 5 years ago.
Why Are White Collar Jobs Plunging?
As per the HR analysts, this decline can be attributed to the slowdown in the tech and consumer sectors due to stresses. Meanwhile, company executives saw the slower growth as affecting consumption recovery.
What Are the Number in Top Companies?
As compared to 2022-23, there is drop in net employment in 2023-24 in 6 companies which include the likes of Infosys, SBI, HCL Technologies, Tata Motors, Titan Company and Ultratech Cement.
As compared to 2022-23, TCS as well as Wipro saw a drop in employee headcount by 13,249 and 23,257 respectively in 2023-24.
IT giant Infosys on the other hand saw drop in employee count by almost 26,000 to 317,240 in 2023-24.
On the contrary, the number of permanent employee count in HCL Technologies, Tata Motors and Ultratech Cement increased in 2023-24. However, these same saw a drop in employee count in the “other than permanent” jobs that are on contracts and third-party rolls.
Speaking of the overall employment growth in India, there is a fall in overall unemployment rate in India as per the government data. This is reflected in the net payroll additions under EPFO more than doubling in the past 5 years, which shows a healthy growth in formal employment.