Effect of Corona on Employment
The Coronavirus originated in bats. The virus was first discovered in Wuhan, China. This virus shifted to humans at an open-air non-vegetarian market in Wuhan. It majorly affects the respiratory system.
The studies have shown that the survival rate of young people is more and the people at major risk are older adults. This virus started spreading rapidly from person to person.
Its outbreak was announced by WHO on January 31st, 2020. The countries, in order to prevent it from spreading more, decided to lockdown majorly populated areas.
The Ministry of Human Resources and Social Security (MOHRSS) released a notice saying that employers cannot fire their employees who are quarantined or are in medical observation.
Due to the complete shutdown of many job sectors, a huge number of people are led to unemployed. The airlines are affected by this. The number of traveling flights has decreased hence, the aviation team receives a lesser paycheck.
The construction of many projects has been paused since the interaction between the engineers, architects, electricians, stonemasons, electricians, carpenters, etc can lead to the spreading of the virus. Hence, all the construction team experiences loss of pay or unemployment. The beauty sector has been badly affected since no people want to come out for a manicure or haircut.
The plumbers, electricians, maintenance workers, etc are left workless. Since people prefer home food to be safe, the restaurants are at a huge loss. The bus and taxi drivers have been sitting at home with no money. Some companies have been giving out unemployment benefits.
Only some fields have been profited due to corona. Online delivery portals like Amazon, Flipkart, etc have been enjoying profits since the people started preferring to get things home without them going out. Online food Delivery portals like Swiggy, Zomato are also successful throughout this period. The pharmaceuticals in research for the Corona vaccine also in good earning.
The people who invested in shares and stocks must wait longer until this pandemic is raised in order to sell at a better price. Meanwhile, investors can invest in gold and bitcoin that seem to have scope for profitable earning.