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Opinion | Wage cuts are better than layoffs to combat covid crisis

India recommendations Government crisis shock
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The Centre should announce a 30% pay cut for everyone to deal with the economic crisis. This would spread the burden equitably, stop job losses and mitigate a collapse in demand The human calamity due to corona has also led to an economic calamity.

For brevity, I will call this e-corona. Based on macroeconomic principles, also applicable to India, this article makes a ground-zero policy suggestion.

The finance minister should announce a reduction of 30% in wages and pensions for all government and quasi government employees for the remaining fiscal year, and recommend that private firms do the same.

Given my overall pro-market orientation, I hesitate to make such a sweeping recommendation. Justifying such a diktat calls for first

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
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Cases: 34 321 025
Deaths: 459 652
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Brazil
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Deaths: 608 235
Recovered: 0
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
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Deaths: 237 619
Recovered: 0
Detail statistic
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