Job loss due to corona epidemic has occurred in almost all countries. Even China could not able to avoid this. Although the Chinese economy has returned on track comparing other countries in the world. But millions of people have become jobless in china due to coronavirus. According to a leading news agency report, China’s unemployment rate in March was 5.9 per cent. This means that about 2.70 crore people must have lost their jobs in tin China.
As per unofficial sources, the unemployment figure in China has crossed 80 million (about 8 crore). It can increase to 9 million-plus (about 9 million+) in the following months. 10 per cent of the total population in China may lose their job. However, how many people have lost their jobs can not be said with certainty. There is no definite figure available about this.
Startup closed their shop and ask employees to look for alternate options
Many in China said that they lost their job due to coronavirus. But they do not want their family or friends to know about their unemployment. There are many people who lost their jobs in the last 2-3 months. At the same time, they are not sure if they will get a job in the future.
Also Read: Corona business impact started in India with job loss and pay cuts
Many startup’s closed their offices in China and ask employees to search for other options. Left out startups not even paid the salaries for the last few months to their employees. They re hoping things to be normalized and life will back on track for jobs.
More than 29 million migrant labourers work in China expecting Job loss due to corona
There are about 29 million migrant labourers in China, as per a leading economist from China Academy of Social Sciences. Those labourers are working for construction, manufacturing, and production companies. They are from low-income groups but they have a big role in the Chinese economy. According to the report, about 8 crore labourers have lost their jobs in China.
Big trouble for a young graduate who will pass this year
The COVID_19 epidemic has created a 1976 like situation in China. At that time, China’s economy was staggered and unemployment rates were highest in the country.
Similarly, unemployment crises may also arise in China’s youth. About 87 lakh people will graduate from many colleges and universities in the coming weeks. But there is very little possibility for these young graduates to get employment in this situation.
China is not the only country in the world that will face the unemployment issues. This crisis will be seen in most parts of the world after coronal lockdown. India will bet be spared with this fear. Millions may be jobless after the corona pandemic.
