READING COMPREHENSION (CLASS 9 AND 10)JOB LOSSES

Solved Worksheet 8

Higher job losses faced by those below 40 years of age not good for recovery: CMIE

By  Yogima Seth Sharma for Economic Times dated 15 January 2021

1.  Higher job losses in the below 40 years age bracket which has resulted in ageing of the workforce during the pandemic may not bode well for a stronger economic recovery in the second half the current financial year, the Centre for Monitoring Indian Economy said. Worst still, job losses were concentrated in urban regions, among women, among the relatively younger workers, the graduates and post graduates and the salaried employees, CMIE said in its weekly analysis. 

2. As per CMIE, job losses were concentrated among the younger workers with all age groups below the age of 40 suffering a fall in employment till December 2020 this year. While those in their 20's account for 80% of the job losses as of December 2020, those in their 30's accounted for 48% of jobs lost till December 2020. According to CMIE, urban India which accounted for 32% of total employment in 2019-20 saw 34% loss of employment in 2020-21 till December 2020. “Arguably, urban India provides better jobs and its greater share in the loss does not bode very well for the recovery process,” CMIE said. 

3. CMIE further said women who account for a mere 11% in total employment accounted for 52% of the job losses. “Much of India’s growth acceleration depends upon the increased participation of women in India’s workforce. They suffered a disproportionately large loss of employment during demonetisation and now, they have borne a similarly disproportionately high share in job losses because of the lock down,” it said. 

4. CMIE analysis says total employment in India fell by 14.7 million till December 2020 compared to 2019-20. Employment contracted by 18.4% in the first quarter when the economy tanked by 23.9%, while it was down by 2.6% in the second quarter when the economy contracted by 7.7% and shrank further by 2.8% in the third quarter. 

5.As per CMIE data, the month-on-month expansion of employment was very high in the initial recovery months of May and June but slowed down in July, August and September. It has been declining in each of the three months of the third quarter with employment in December 2020 at 4.2% lower than it was in December 2019. “It is easy to assume that by December 2020, India’s workforce had not only declined quantitatively but also deteriorated qualitatively,” CMIE concluded.

Read the above passage carefully and answer the following questions :

1. CMIE in its weekly analysis says that job losses in the below 40 years age bracket has resulted in ageing of the workforce.
a) This is not a good sing for improving the economy.
b) This is the right measure for improving the business.
c) This is not good for economic recovery.
d) This is not good for economic growth.

Answer : c

2. Fall in employment is the highest in the year December 2020 and the maximum workforce loosing job is from age group--------------
a) 20 to 30
b) 30 to 40
c) 40 to 50
d) 50 above

Answer : a

3. What was the impact of women work force during lock down?
a) they suffered a proportionately high share in job losses because of the lock down.
b) they suffered a disproportionately lesser share in job losses because of the lock down.
c) they suffered a proportionately lesser share in job losses because of the lock down.
d) they suffered a disproportionately high share in job losses because of lock down.

Answer : d

4. The phrase economy tanked refers to –

a) fall in stock prices
b) rise in stock prices
c) fall in economic growth
d) rise in economic growth.

Answer : a

5) As per CMIE data employment was at the lowest in
a) December 2019
b) December 2020
c) May 2020
d) September 2020

Answer : b