The employment situation in manufacturing companies is still not good

Salaries declined by 2.8 per cent in the September 2019 quarter, 3.6 per cent in the December 2019 quarter and by 5.3 per cent in the March 2020 quarter.

The wage bill of non-finance companies has increased in the recent two quarters. Because in the first two quarters of 2020-21, there was a decline due to Corona.

Manufacturing Companies: Listed companies made record profits in the quarter ended September 2021 after recovering from the Corona epidemic. Whose net profit has reached 2.5 trillion rupees, which is the highest ever profit. The salary bill of companies has also reached a record level of Rs 2.1 lakh crore. According to the news of Business Standard, the salary bill of listed companies in the quarter ended September 2021 was 4 percent higher than the quarter ended June 2021.

Talking about the last two quarters, the quarter-on-quarter growth in this was around 2 percent, as compared to about 5 percent in the previous quarter. The wage bill of non-financial companies has also increased at the rate of 13.6 per cent, with the salary bill of finance companies continuing to grow well in the first two quarters of 2021-22.

Increase in wage bill of non-finance companies

The wage bill of non-finance companies has increased in the recent two quarters. Because in the first two quarters of 2020-21, there was a decline due to corona. At the same time, the wage bill of manufacturing companies has seen a decline during the quarter of June 2020. Which was due to the lockdown caused by Corona. Salaries declined by 2.8 per cent in the September 2019 quarter, 3.6 per cent in the December 2019 quarter and by 5.3 per cent in the March 2020 quarter.

Employment in the manufacturing sector even worse

The corona pandemic has made the employment situation in the manufacturing sector even worse. The real wage bill (real salary) of listed manufacturing companies was reduced by 2.7 percent in 2019-20. After this, due to the epidemic in 2020-21, it further fell to 3.9 percent. However, after recovering from the pandemic, the actual salary increased by 10.4 per cent in the first two quarters of 2021-22.

Salary increased rapidly in this field

Salaries have increased faster in the non-financial services sector as compared to manufacturing. As a result, salaries paid in the non-financial services sector are now higher than those of manufacturing companies. As of 2015, wages in the manufacturing sector were higher than those in non-financial services companies. The years were similar till 2016 and 2017, but from 2018 onwards the wage bill of non-financial services companies exceeded that of manufacturing companies.

The wage bill of non-financial services companies has increased from Rs 560 billion in the September 2018 quarter to Rs 620 billion in the September 2019 quarter. It was Rs 750 billion in the September 2021 quarter.

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