A TimesJobsSurvey reveals that half the employees of Indian corporate sector feel financially in-secure. Over 1,200 professionals took part in the survey.
50% of those surveyed reported that their financial stress is high.
- Lack of savings (40%)
- Fear of job loss (35%)
- Not being able to meet monthly expenses (30%)
- Mounting EMIs (20%)
are the biggest concerns.
60% of the respondents think that they do not have enough money saved for retirement.
- lower inflation
- better job security
- lower education costs
- lower healthcare costs
- and improved housing market
to alleviate their worries.
New source : Half of India Inc staff financially stressed
In India the total size of working population is about 47 crore (2011-12). Only about 8 crore work in organized sector out of whom 4.6 crore work as contract or casual labour. Hence only about 3.4 crore (or 8%) of the 47 crore workers have a secure job. The rest 92% workers toil in the informal sector as agriculture workers, construction workers, casual factory workers and as low paid service sector workers.
A possible break of relatively well off workers will include
- About 2.6% of all workers employed in Finance, Real Estate and Business Services.
- About 20% of the employees (managerial and clerical staff) within the organized manufacturing sector. This category account for about 30 lakh jobs in 2011-12.
- About 37 lakh employees (about 0.7%) in IT sector.
- and Employees of central and state governments.
2.6% workers in FIRE sector take home almost 18.1% of the total national income. We know that the salary levels of managerial staff in manufacturing sector, IT employees, government employees is much higher compared to a worker in unorganized sector.
How did our population fare, which measures the real growth and development of our country, in the last 20 years
- The share of Finance, Real Estate and Business Services sectors in total employment grew from 0.9% in 1993-94 to 1.5% in 2004-05 and to 2.6% in 2011-12.
- IT/ITES sector employment grew from less than 3 lakh in 1999-00 to about 37 lakh in 2016 to reach about 0.7% of the total employment.
- We can assume similar growth number for managerial staff in manufacturing sector. Number of government employees would have remained same or reduced.
Hence, the much vaunted economic reforms, privatization, liberalization and globalization benefited only a tiny fraction of Indian population providing decent income to less than 8% of the population.
When even this top 8% of the working population is worried about their economic well being, imagine the plight of the bottom 92% of workers . How will they provide quality education to their children (future citizens of our country), give them healthy and nutritious food, take care of their health care needs and bring them up in hygienic living conditions.
Without taking care of the needs of all the citizens, how can we think of a developed and prosperous India?
A program to demand
- quality education and health care equally available to all
- strict enforcement of labour laws to ensure secure employment, living wages, and decent working hours to the workers
- control of housing cost
- and social support to all senior citizens (pension, concessional travel etc)
will serve the interests of not only the employees of corporate sector, but also the more than 40 crore unorganized workers and farmers of our country.
A better society will make better living for all, not one in which 90% of population is squeezed more and more.
Ensuring job security by asserting labour rights, demanding publicly funded quality education and health care, and control of high housing costs will solve all these problems. But, these democratic demands go directly against the interests of global financial institutions and Indian corporates.
- to reduce employee costs (to increase profits)
- privatize education and health care (to earn profits by investing in these sectors)
- and indulge speculation in real estate (to extract more profit by deploying funds there at the cost of increased living costs for the majority)
- speculate with pension funds, insurance funds and other saving funds.
To serve these interests of corporates and money bags, democratic living rights of Indian people are systematically suppressed and denied.
As one of the advanced section of Indian working population, IT employees should organize themselves as a Union and lead the fight for development, equality and justice for all hard working people.