The drop in headcount is not minimal to the details innovation sector. Even public sector endeavors (PSUs) continue to witness a diminish in their personnel strength over the last coupleof years. Of the leading 16 state-owned companies by market capitalisation, all of them, otherthan 4 have reported decreases in their staffmember count throughout FY24.
A CNBC-TV18 analysis exposes that 12 PSUs consistingof Coal India, State Bank of India (SBI) and Hindustan Aeronautics Ltd (HAL) have together cut their personnel strength by 23,306 in FY24 after a comparable magnitude of decrease in FY23.
The greatest drop in headcount was saw at Coal India where 4% to 5% of workers are superannuated every year. The nation’s biggest coal manufacturer reported a web decrease in workforce by 10,349 throughout the year.
Also Read: PSU IPO: NTPC’s green system might hit Dalal Street with a ₹10,000 crore problem
In FY23, its worker count had come down by 9,340. For Coal India, the wage expense accounts for 48% of its overall cost and the exactsame decreased by 1% to ₹48,783 crore in FY24 due to a decrease in workforce.
“As the superannuation and attritions of workers are taking location, it is bound to come down,” Mukesh Agrawal, Director of Finance at Coal India stated post-Q3FY24 profits.
The pattern is noticeable throughout sectors from banking and production to energy and minerals. State Bank of India
on the other hand saw its number of workers fall by 3,562 in FY24 after seeing a decrease of 8,392 in