Employment growth rate slips to 3.5% in FY20 from 3.8% in FY19: Report

Reflecting the overall stress in the economy, the employment growth rate declined to 3.5 per cent in FY20 from 3.8 per cent in the previous fiscal year, but the total number of jobs increased to 5 million from 4.83 million, says a report.

In FY20, 170,000 new jobs were added, while the net addition was 176,000 in FY19, shows a CARE Ratings report.

But in FY20, as many as 321 companies reduced their headcounts by 113,000 lakh compared to 272 companies doing so by 118,000 lakh in the previous year.

In FY20, top 10 companies added 141,000 to their headcounts of which four