Industries, Lockdown, Travel Industry, Hospitality Industry, Air Travel or Air Lince, Automobile Sector, Airline Air Travel Electronics Industry:- Almost every Industry has hit by lockdown due to global pandemic. But these are some industries that have hit hard.
Industries | Which Is Going To Massive Cut In Job & Salary
These industries are approaching job losses of 100 million worldwide. the toughest time for the global economy is here.
Around 80M people will lose their jobs. By the end of this year, according to top Economics experts? For some perspective, more than 80 million people worldwide are going to be unemployed by the travel Industry. The retail, leisure, and hospitality sectors have been hit especially hard, and more job losses are on the way.
Millions of jobs in the global tourism industry could be lost due to the COVID-19 pandemic, which has impacted travel like no other event in history and caused 96 percent of all worldwide destinations to introduce restrictions in response to the outbreak, the World Tourism Organisation (UNWTO) UN Body
Hotel Or Hospitality Industry
Lemon Tree Hotels Chairman and MD Patanjali G Keswani told PTI. The hotels are businesses that are very capital intensive and also have very high fixed costs. Not this G Keswani also add
The capital intensive component is normally debt and it has to be serviced by payment of interest on debt and repayment of debt. Hotels are also labor-intensive, so they have lots of fixed costs such as wage bill, besides paying government levies, minimum load charges, among others, he added.
Airline Air Travel
Due to travel ban or lockdown Airlines in the world are struggling almost every airline wants government Aids.
Airlines like Frontier have raced to cut costs, slashing service by more than 60% and parking hundreds of planes. They’ve also drawn down on credit facilities to shore up cash after flight cancellations outpaced new bookings. Franke said he’s preparing for the worst. He’s not canceling the hundreds of single-aisle Airbus planes he’s ordered for the discount airlines in his portfolio but he’s in discussions with Airbus about the timing of deliveries, which are slated to start next year. Source CNBC
Airlines will have to refund full fares, without imposing cancellation charges, to those who booked tickets during the first lockdown from 25 March to 14 April for travel between 25 March and 3 May, the civil aviation ministry said on Thursday. The ministry has asked the Directorate General of Civil Aviation to ensure airlines comply with its directive.
One of the biggest industries which provide millions of jobs is now looking for tax relief from Governments, due to the current situation in the world the Auto Mobile sector is struggling and also donating in government funds but what for this industry.
The Indian auto industries want a 4% interest subsidy for nine months. The companies also want salaries during the lockdown through the Employees’ State Insurance Corporation.
Factories in the world are closed for now due to lockdown. and manufacturers of goods are stopped till. Almost in every country, the local worker of migrant workers is now going to their home.
Indian Industry Consumer Electronics and Appliances Manufacturers Association said that. Factories stopped working struggle to ramp up with daily wage laborers and workers migrating back to their villages because of the lack of income during the lockdown.
We can not say when will be the condition normal but it is going to hit us very hard. We are going inside global recession unemployment will be a big issue, we also can not force govt to reduce the tex limit.