New Delhi, February 27, 2020: The proposed revision of income tax slabs was welcomed by India Inc. employees, with most (56%) professionals claiming that this was ‘employee-friendly’ announcement of the Union Budget 2020, revealed a new TimesJobs survey. The survey was conducted among 1796 professionals to understand how the employees perceived the Union Budget 2020.
- TimesJobs survey on the impact of Union Budget 2020 reveals that most (56%) professionals welcomed that income tax slab revision,
- The announcements related to insurance policies were the biggest disappointment 39% of young professionals said that the Union Budget 2020 failed to introduce concrete plans on employment generation
- 41% of professionals said that the policies announced for start-ups failed to address the grass-root problems
“The Union Budget 2020 was appreciated for income tax slab revisions, upskilling and internship-related measures. However, employees – and specifically the millennials – had a lot of hopes of sporadic employment generation. So, our survey findings outline all these hopes and aspirations of India Inc. employees,” said Sanjay Goyal, Business Head, TimesJobs, and TechGig.
- Most appreciated announcements: After the revision of income tax slabs (voted by 56% professionals), employees also appreciated the measures for upskilling (voted by 46%) as ‘employee-friendly’. The proposed one-year internship program for professionals in urban bodies was voted by 43% employees. As the third most ‘employee-friendly’ announcement.
- Most snubbed announcement: About 55% of professionals didn’t see the Budget addressing the issues related to unemployment and underemployment strongly.
- Neutral announcement: As many as 56% of respondents said that the Budget announcements were ‘average’ and were pegged at resolving short-term economic scenario, without having a long-term impact.
Upskilling announcements voted up by professionals
The measures for upskilling were voted by 46% of respondents after the income tax slab revisions. Some employees said that these measures weren’t expected in the Budget announcements, and were, of course, a pleasant surprise.
Insurance-related announcements were the biggest let down for service class:
The TimesJobs survey asked employees about how the announcements on insurance policies will impact their savings. But most (55%) respondents said that the Budget announcements for insurance policies would negatively impact their saving habits. Nearly 53% of the surveyed employees said that they would channelize their funds in other saving portfolios after the Budget announcements. As many as 47% of respondents said that they would spend only a reasonable amount in the LIC policies.
Union Budget 2020 a lackluster for millennials
Around 58% of millennials working across different sectors said that the Budget failed to address their core issues. Because a majority (39%) of these respondents said that the Budget had no concrete plans on employment generation. About 24% of respondents said that the Budget announcements were limited to a few sectors like start-ups, IT and Healthcare only. Also, about 16% of professionals said that the Budget lacked tangible benefits for professionals working at the middle management level.
Budget fails to address the grass root problems of start-ups
As per 27% of respondents, the Budget announcements for start-ups were bland. Of these respondents, about 41% of professionals said that the policies proposed don’t answer the grass-root problems faced by start-ups. But as many as 30% of respondents said that the government had failed to meet with the commitments of the previous Budget. And hence the new announcements were nothing more than a shallow war cry.
About TimesJobs:
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