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?:abstract
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The sudden outbreak of COVID‐19‐driven pandemic has ravaged the economy of the world in the form of toll on health and loss of employment. The unprecedented devastation has left the economies in a nose‐diven state, with job losses for paid employees and self‐employed and labor market disruption in the nature of reduced earnings and working hours, compounded through prolonged closure of different ongoing projects, which restricted mobility, reduced manpower in order to contain the deadly pandemic. Witnesses of layoffs, retrenchment, pay cuts, delayed promotions with increments are quite apparent adverse outcomes of the crisis. According to a survey by the Centre for Monitoring Indian Economy, the rate of unemployment has been amplified to 24% in mid‐May 2020. The monstrous pandemic has wreaked havoc on the job landscape of the nation resulting in economic contraction and shrinking job opportunities wrapped with a sense of fear and uncertainty is palpable among professionals. The present study is an endeavor to quantify the actual impact of COVID‐19 pandemic on the private sector employees of West Bengal, India. With sample respondents of 681, the study reveals that a significant segment of employees are severely challenged by the life‐threatening virus especially the employees absorbed in private commercial establishments or factories where the sector of employment, nature of industry, or job profile denies the concept of “work from home.” The global outbreak has changed the job market almost overnight and seems to have long‐lasting, game‐changing ramifications with a number of sectors experiencing massive hit where jobs will be savagely cut.
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