The Center of Monitoring Indian Economy (CMIE) revealed that 27 million youth roughly aged between 20-30 years lost their jobs following the nationwide lockdown.
CMIE weekly reports reflected the numbers for the week that ended on May 10 where the unemployment rate fell from 27.1% to 24% .
34.2 million of these young men and women were working in 2019-20. In April 2020 their numbers were down to 20.9 million.
According to the same reports, 14 million jobs were lost in the age group 25-29 years. This loss was described as being disproportionately high as this group accounted for a total of 11.1% of the total employment in 2019-20 and accounted for 11.5% job losses.
Furthermore, 33 million employees in their 30s lost jobs in April out of which 86% of the job losses were positions that belonged to men.
CMIE reports further stated that job loses would have a direct impact on the savings and loss of savings will have further long-term implications. It said:
While households may well conserve cash during these times, the loss of jobs among the young deprives households of the extra cash that is mostly saved for either buying a house or durables or for retirement.
However, as the government has managed to open a few industries, there has been a slight increase in labour participation, it rose from 36.2% to 37.6%.