The monthly US Jobs Report for June was released on Thursday, and it indicated that the country’s COVID-hit economy was recovering faster than expected.
“Nonfarm payrolls” increased by an impressive 4.8m in the last month and the unemployment rate fell to 11.1%, both numbers beating economists’ estimates.
America’s Jobs Report (or the Employment Report) is much-anticipated in many economies, given the economic clout of the US. It’s also a commendable exercise - to deliver data on the status of the economy on a regular basis for policymakers, investors, traders and the general public.
Which begs the question - does the Indian Government publish such reports? (Spoiler alert: it doesn’t.)
Click link to know what are the ways in which the unemployment rate is measured in India, and how this process can be improved: https://transfin.in/us-june-jobs-report-says-unemployment-rate-fell
Unemployment Crisis in India:Amidst all the problems that exist in India, the unemployment crisis is at the topmost position.
A report by the Centre for Monitoring Indian Economy (CMIE) reveals India’s unexpected increased unemployment rate to 24% in April 2020, then decreasing to 9.1% in December 2020 and 6% in January 2021.
The number of unemployed people might have decreased over the period, but unemployment still remains an unsolved problem in India.Before jumping onto the solutions to the above problem, let’s understand its types, causes and equal impact on the country’s economy.
Types of unemployment crisis in India:Disguised Unemployment: when organizations hire employees more than they need.Structural Unemployment: when employees’ skillset mismatch with their job roles due to the unavailability of jobs in the market.
Seasonal Unemployment: when people do not have work during certain seasons of the year, like labourers in India rarely earn through daily wage jobs throughout the year.Vulnerable Unemployment: when people are employed but informally- without proper documentation, job contracts, and their employment is not even recorded, and so they don’t contribute to India’s GDP.
Also Read: Now Stop Working Just To Pay Bills And Transform Your Passion To Profession!Solutions to unemployment crisis in India:1.
As the world becomes increasingly “flat,” it has become clearer that functions that were once performed in the next room or a floor away, can now be done from around the world.See more
Cyber security is a gold mine for anyone who has the right skills and knowledge.Around the world, there is a zero unemployment rate in this industry which is unheard of in any other area.By next year, the demand for cyber security professionals will increase to 6 million globally, the Palo Alto Research Centre reports.Companies are evolving at an exponential rate.
They are storing highly sensitive information in ‘the cloud’ because it is cheaper and more efficient.
While they are saving in one area, they are investing in other areas like cyber security.If you were to look for a job now, you’d find that there are heaps of jobs going in Cloud Solutions Architecture; Platform Engineering; Cloud Services and Security Solutions and Cyber Security Solutions for Cloud Computing.It is estimated that an average data breach in 2017 cost $3.5 million dollars, as reported on CSO Online.
You know, you can even consider taking your skills global.Rickard at CSO Online compiled a list of security breaches in America in 2017, and the results and frequency is astounding.
Every single month, a security breach with thousands of records being exposed was reported.That’s why cyber security specialists are in demand both here and overseas.
No country is safe.These jobs also come with high salaries because if anything goes wrong in this area, companies risk losing millions of dollars.If you want to future proof your career, the smart thing would be to apply for a degree in Networking and specialise in Cyber Security, Cloud Networking or Software Engineering.Graduates with a degree in Computer Networking from MIT, and specifically with a specialisation in Cyber Security.
The Department of Labor offers two different types of unemployment benefits: benefits for disability and unemployment compensation.
You are entitled to disability benefits if you become injured or disabled while you are entitled to unemployment benefits, or receive unemployment compensation.
To make matters more confusing for the reader, to determine if the condition is temporary or permanent, doctors examine the worker for signs of illness but not always to determine if the condition will hinder them from working.
For instance, a worker could have a bad back but take a medical leave and then miss a few months of work before becoming ill again.
If the condition becomes severe that it prevents them from working again, the employee is considered to be disabled for a short period of time.The sick leave or time off provisions of unemployment benefits permit employers to temporarily ease their health and safety risks by hiring and terminating eligible employees.
The agreement may specify that the benefits are paid each week, every month or possibly over a certain number of years.
Youth unemployment remains a big concern because of the ills that come with it.
It shouldn't be an issue but it's still one of the world's biggest problems, especially in developing countries.
There are many factors to consider when tackling unemployment and creating ways to fix it.
Youth unemployment rates are at 16% in the US, and this percentage has been steadily increasing for years now.
This means that there are millions of young people who have no job and aren't looking for one.
Those who are actively seeking employment, often find themselves struggling with low wages and long hours as they try to make ends meet.In this blog post, we will explore 5 ways to tackle the youth job crisis so you can help give these young people a chance at finding work!1.
