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Mckinsey Reports 90 Million People to Look for Non-Farm Jobs by 2030

According to the Mckinsey Global Institute (1) report on Wednesday, India requires creating over 90 million jobs in the non-farm sector between the year 2023 to 2030. Otherwise, the country won’t be able to absorb new works and freshers in the labor market. Additionally, the report also mentioned the other 30 million jobs requirement for […]

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According to the Mckinsey Global Institute (1) report on Wednesday, India requires creating over 90 million jobs in the non-farm sector between the year 2023 to 2030. Otherwise, the country won’t be able to absorb new works and freshers in the labor market. Additionally, the report also mentioned the other 30 million jobs requirement for people who could switch from farm to more productive non-farm areas. 

The report stated that Post COVID-19, at least 8 to 8.5% annual growth rate of GDP, would be needed. Compared to the previous scenario, India needs sustained robust productivity and faster employment engendering. 

Mckinsey: India Needs to Create High Growth Path and Strong Productivity 

To get a high growth path to create the 90 million jobs, India needs to increase its employment growth rate simultaneously to maintain its historic strong productivity growth. From 2023 to 2030, India needs to grow its net employment growth by 1.5% each year from 2023 to 2030. It is comparable to the average employment growth rate of 1.5% that the nation achieved from 2000 to 2012. However, the requirement is higher as there has been flat net employment from 2013 to 2018.   

Simultaneously, India needs to maintain its productivity at 6.5 to 7% per year. It is comparable to what the sub-continent achieved between 2013 to 2018. In short, the country has two objectives: employment generation and growth. Notably, they are not contradictory since the employment cannot grow without high productivity, and vice versa. 

As per the Mckinsey report, India could reform its six areas to increase its productivity and competitiveness. These areas are sector-specified policies. It includes improving productivity in several areas, including manufacturing, real estate, and more. India could double its productivity via specific measures like unlocking supply in land markets, flexible labor market, power distribution with efficiency, privatising its largest state-owned enterprises, and more reporting. 


Rucha Joshi is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student. She’s currently working as a content writer and is always interested in a challenge.

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Source: https://timesnext.com/mckinsey-reports-90-million-people-to-look-for-non-farm-jobs/

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New Report Reveals Key Insights on the Future of Work in Latin America

The Future of Work in Latin America is a new survey conducted by the Runa, a human resources software solution designed for small to medium-sized companies in Latin America. In November 2020, the Runa research team spoke with over 375 HR executives […]

The post New Report Reveals Key Insights on the Future of Work in Latin America appeared first on Tech News | Startups News.

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The Future of Work in Latin America is a new survey conducted by the Runa, a human resources software solution designed for small to medium-sized companies in Latin America. In November 2020, the Runa research team spoke with over 375 HR executives to understand how HR professionals, including directors, managers, coordinators, and Human Resource Business Partners (HRBPs), are dealing with the impact of COVID-19 on their teams.

Today, Runa released the findings of the new survey. Some recognized survey participants with offices in Latin America included BBVA, Beat, Deloitte, Didi, EY, Facebook, Google, Mercado Libre, Michael Page, Nubank, Rappi, Salesforce, Uber, among others. The report focused on key topics such as remote work, technology changes, employee and HR leader skills, office hygiene and safety, and team wellness.

Key findings about remote work include:

• Less than 5% of companies are working in person from an office today or planning to do so in the next 12 months.
• 45% of companies have adopted technology to monitor remote employee work.
• 38% of companies have created a role or working group to adapt to the new normal, and 73% state that the role or group is permanent.

The report highlighted company changes due to COVID-19, including:

• 100% have implemented new software since COVID-19, with 66% using video calling software.
• 64% of HR executives have trained their team in a new skill since COVID-19.
• 59% of companies have offered additional benefits to employees since the start of the pandemic.
• 77% of companies modified their offices to prevent the spread of COVID-19.
• Only 14% of HR executives said they felt fully prepared for the COVID-19 crisis.

The adoption of new work plans, new types of incentives, the integration of new technology, digitization, the need to acquire new skills, as well as the importance of the psychosocial well-being of workers, are the main challenges faced by the human resources area when dealing with the current pandemic. In Latin America, there will be major changes in the way people work both in the short and long term as a result of the COVID-19 crisis. With this report, Runa has identified the key trends in HR and outlined predictions and possible scenarios about the future of work in the region.

The full report can be downloaded here.


Source: https://techstartups.com/2020/11/24/new-report-reveals-key-insights-future-work-latin-america/

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Mobile-only bank N26 launches N26 Smart, a new premium digital bank account for just €4.90 a month

We covered N26 back in May when the Peter Thiel-backed digital bank startup raised $100 million funding to prepare for the economic uncertainty from the coronavirus pandemic. N26 currently offers its services in 22 European countries and the United States. N26 has […]

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We covered N26 back in May when the Peter Thiel-backed digital bank startup raised $100 million funding to prepare for the economic uncertainty from the coronavirus pandemic. N26 currently offers its services in 22 European countries and the United States. N26 has grown exponentially since we last wrote about the fintech startup. N26 has more than 5 million customers worldwide, including over 250,000 in the United States.

Today, N26 today announced the launch of its newest premium subscription, N26 Smart. N26 Smart joins N26 You and N26 Metal as The Mobile Bank’s third premium subscription, giving customers access to its most popular money management features for the cost of just €4.90 a month.

The new monthly subscription will bring together a host of N26’s premium features and benefits with fresh, new functionalities to help customers organize their finances with confidence and ease, bundled on top of N26’s 100% digital current account. The new N26 Smart comes with many features including access to up to ten ‘Spaces’ – N26’s iconic sub-accounts, with Shared Spaces functionality – making it possible to save, spend and manage money with up to 10 other people. It also comes with up to 5 free ATM withdrawals a month, fee-free payments worldwide in any currency, and curated partner offers and benefits, among others.

N26 Smart subscribers will have access to all the intuitive features of N26’s paperless and branchless banking experience – from 100% digital account opening to instant notifications and automatic categorization of spending through the Statistics feature, free payments worldwide, and mobile payments with Apple Pay and Google Pay, in-app access to a digital version of their N26 Mastercard, and fund protection up to 100,000€ under the German Deposit Protection Scheme.

The launch of N26 Smart is the first of a series of planned updates to N26’s product portfolio, set to roll out over the coming months across all the digital bank’s free and premium products. The changes will see adjustments to N26 Standard, taking N26’s digital cards towards a 100% virtual payment experience. N26 You will evolve into N26 International, with even more features for borderless banking and zero FX fees when traveling, shopping, and sending money internationally.

Finally, N26 Metal will become N26 Unlimited, offering the best digital banking experience with world-class premium banking features, an iconic stainless steel card, comprehensive travel, and lifestyle insurance, and even more exclusive experiences and offers than before.

“Everybody should be empowered to manage their money in a way that makes sense for their priorities and way of life. With more and more customers turning to digital banking in these uncertain times, N26 Smart will put our most popular tools at our customers’ fingertips at a budget-conscious price point, helping anyone effortlessly manage their money digitally with confidence and ease,” said Valentin Stalf, co-founder and CEO of N26.

The new N26 Smart subscription and planned changes to N26’s existing products build on five years of customer insights, at a time where people are continuing to look for ways to bank flexibly and digitally without ever having to visit a branch.

“N26 is the pioneer of a freemium subscription model in banking. On top of offering our digital bank accounts for free, we continue to expand our value-added premium subscriptions to offer world-class banking features, added discounts, perks, and benefits at an affordable price as we take confident steps in a time where all banking is going digital,” added Alex Weber, Chief Growth Officer of N26.

N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal to offer mobile banking solutions to customers in the European Union through its subsidiary. Today N26 has more than 5 million customers in 25 markets. To date, N26 has raised more than $800 million from the world’s most established investors, including Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Greyhound Capital, Battery Ventures, and others.


Source: https://techstartups.com/2020/11/24/german-mobile-bank-n26-launches-n26-smart-new-premium-digital-bank-account-help-customers-save-spend-confidence/

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China launches “historic” mission to the unvisited area of the moon, marking the beginning of a new era of space race

While the United States is still the only country to have successfully conducted crewed missions to the Moon, China formally launched a “historic” mission to Moon this week to collect and bring back rocks samples from the unvisited area. In what […]

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While the United States is still the only country to have successfully conducted crewed missions to the Moon, China formally launched a “historic” mission to Moon this week to collect and bring back rocks samples from the unvisited area.

In what many experts said could mark the beginning of another era of “space races,” China officially launched an unmanned spacecraft this week to bring back lunar rocks in the first attempt by any nation to retrieve samples from Earth’s natural satellite since the 1970s, Reuters said.

According to the report, the Long March-5, China’s largest carrier rocket, blasted off at 4:30 a.m. Beijing time (2030 GMT on Monday) in a launch from Wenchang Space Launch Center on the southern Chinese island of Hainan carrying the Chang’e-5 spacecraft, named after the ancient Chinese goddess of the moon.

The China National Space Administration (CNSA) called the launch a success and said in a statement that the rocket flew for nearly 37 minutes before sending the spacecraft on its intended trajectory.

China said the Chang’e-5 mission will seek to collect lunar material to help scientists understand more about the moon’s origins and formation. The mission will test China’s ability to remotely acquire samples from space, ahead of more complex missions.

The goal of the mission to collect 4.5 pounds of samples in a previously untouched area called Oceanus Procellarum, or “Ocean of Storms”. The U.S. Apollo missions had previously landed 12 astronauts and brought back a total of 842 pounds of rocks and soil. The Soviet Union’s Luna missions had brought 6 ounces of samples in the 70s.

If China succeeds, it will be only the third country to have retrieved samples from the moon – behind the U.S. and Soviet Union.

Below is a video of the launch.


Source: https://techstartups.com/2020/11/24/china-launches-historic-mission-moon-marking-beginning-new-era-space-race/

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