Central PSUs shed 44k employees in 2007-08: Govt Survey

Even before the global financial meltdown hit the Indian shores, the central government-owned companies had shed 44,000 employees, says the 48th Public Enterprises Survey 2007-08.

Even before the global financial meltdown hit the Indian shores, the central government-owned companies had shed 44,000 employees, says the 48th Public Enterprises Survey 2007-08.

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The number of people employed by the Central Public Sector Enterprises (CPSEs) came down to 15.7 lakh at the end of 2007-08 from 16.14 crore in the previous fiscal, the survey stated.

The trimming of workforce took place in a year which witnessed overall increase in profits of the CPSEs to Rs 91,140 crore from Rs 89,578 crore a year ago and has no links with the global financial crisis that hit the world in September 2008.

The crisis, according to a Labour Ministry survey, resulted in loss of job of 5 lakh workers during four-month period ending December 2008.

The survey also revealed that out of a total of 15.7 lakh people employed by 242 CPSEs, only 1.32 lakh were women.

The employee strength of the CPSEs has been constantly coming down since 2001-02 during which they had a staff of about 20 lakh. The number fell gradually to 16.14 during 2006-07 and further to 15.7 lakh in 2007-08.