Jan 3, 2012

You're Fired [2/365]

In parts of India, unless you have a job in a PSU or with the Central Government, you are a loser.

I know several people (related and otherwise) who have continued to study well into their late 20's, piling up post graduate degrees like it was going out of style, aiming only to work with PSU's. It is after all 'a job for life'. They crave the security, the easy pace of work, the pension benefits, gratuity and all the other perks of being a government employee. Working anywhere else is a stigma.


Anti-austerity demonstrators in central Madrid earlier this year. New government has announced freeze on public sector pay and minimum wage. Photograph Arturo Rodriguez/AP

So, when I read about how the unemployment rates are going through the roof across Europe, I struggled to understand how 'developed' economies can flounder. (Read article)
With a continent that failed to check it's spending and a currency that is struggling to keep up with the dollar, the great European honeymoon is almost over. 
The staggering number of jobless in Spain, (at 4.42 million is equal to the population of Greater Boston or the combined population of Meghalaya and Goa) the slide is inevitable. Add this to the five million of the jobless whose benefits have run out, and you have an entire economy that is teetering on bankruptcy. 
As the crisis deepens, the need of the hour are aggressive reforms in the labour market and a tighter rein-in of the government expenditure. 

Many hundreds of miles (or kilometers) away, many in the Subcontinent still prefer to play it by ear. Waiting for that cushy government job.    
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