Older people in the country’s workforce:-
In 2021-22, 57% of the workforce is in the age group of 40-59, and less educated people are increasing
The working age is increasing in the country. When the corona epidemic hit in March 2020, more than half of the total workforce was middle-aged. According to the private think-tank Center for Monitoring Indian Economy (CMIE), 42% of the workforce in 2016-17 was people in the age group of 40-59.
Their number increased to 51% in 2019-20 and further increased to 57% in 2021-22. In addition, 17% of India’s workforce was in the 15-24 age group in 2016-17. But it has come down to 13% by 2021-22. The actual reason for such is the lack of meaningful jobs for the young people or the late entry into the labor market due to higher education.
CMIE has said that the educational qualification of the workforce is declining. The share of graduates and postgraduates was 12.9% in 2017-18, which increased to 13.4% by 2018-19. But it came down to 13.2% in 2019-20 and then to just 11.8% in 2020-21.
However, it partially improved to 12.2% in 2021-22. CMIE has said that while the number of students is increasing in the country, the number of better-qualified people in the workforce is not increasing. Due to the increase in the number of working people, the country is not getting the benefit of the growing population.