Lockdown hurt, but resilience of jobs in listed companies is remarkable

The 8.5 per cent nominal increase in the wage bill of listed companies was the combined outcome of an increase in employment and a simultaneous increase in the nominal wage rate

The nominal wage bill of listed companies grew by 8.5 per cent in 2019-20. This is at the lower end of the annual growth rates of wages recorded in the past four years. Nominal wages of listed companies had grown by between 9 and 12 per cent in the preceding four years. Growth in 2019-20 was not only lower than in the recent past, but it was also barely higher than the inflation rate recorded during the year. Therefore, much of the increase in the wage bill was offset by the 7.5 per cent consumer price inflation. The inflation-adjusted wage