India is in a downturn. And the recessionary times are clear. State Bank of India recently received 1.7 million applications for just 1,500 entry-level clerk jobs! The main attraction? Good perks, obviously.. but “Job for life” status.
In fact for the Probationary Officers job, the perks at State Bank seem very lucrative, given the market.
For positions in Mumbai, the bank offered a starting package of 69,000 rupees (1,270 dollars) a month for the “probationary officers” including a housing allowance — an attractive perk in the expensive local real estate market.
Given how the market is now – with the growth reduced to 5% annually, jobs will become scarcer. In fact 9 out of 10 Indians are in irregular jobs, where there is no job security and very few perks.
Unless the growth is re-activated, things will become worse for the job market in the coming days.