This shows while the corporate sector is witnessing a stagnation in employment creation and wages, jobs have started rising again among smaller units, which were hit hard by the pandemic.
According to the fact-sheet of Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2023-24, the number of workers in the unincorporated sector (both formal and informal sectors) stood at 120.6 million till September-end, which is 10% higher than last year. The wage growth too recorded a 13% increase, in nominal terms, year-on-year in the unincorporated sector, which is significantly higher than (-1.1)% growth recorded during 2022-23. The real increase in wages was, of course, lower - retail inflation during the period averaged 4.9%. Also, the favourable base effect created by the pandemic is still playing out.
This story is from the December 25, 2024 edition of Financial Express Mumbai.
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This story is from the December 25, 2024 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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