This is with reference to the grim news “Airbus restructuring will mean huge job cuts” (June 29). On 19 June, your daily had carried a report about BMW cutting 6,000 jobs. Companies across the world, including airlines and multinationals, are cutting down jobs due to low sales triggered by COVID-19. Expect millions of jobs to be lost, across all sectors of the global economy in the next few months, as demand slumps.
Millions of expatriates are also returning to their home countries, since they have lost jobs in the countries they were working in. Thousands of Indians have returned from countries like the UAE, Saudi Arabia, Kuwait, Oman, Singapore, etc. These are not merely blue-collar workers, but even professionals like engineers and accountants.
The retail sector, comprising of malls and branded highstreets outlets, will also a drop in sales. The retailers may also have to prune jobs.
The employment market is likely to be tight for at least 18 months, till the end of 2021, assuming that a vaccine is discovered by the first quarter of 2021 and is disseminated across the world between March and December 2021. Till the world is safe again after vaccination, people are going to be wary to spend and economic activity is likely to be very sluggish.
Clearly there is going to be massive pressure for jobs in most markets. Unless a person is from a business family and can be absorbed in it or he has ample savings, the future could be tough. It may therefore be wise for a person to stay on in his current job, even at a salary cut. It would be smart not to make any aggressive movies in the current situation. A job is a blessing these days. The wise will hold on to them.