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Unemployment casts some short term ripples throughout the economy by reducing an individual’s contribution in terms of services and taxes.The unemployed also does not possess the power of purchase, thus in effect contributing to bringing down demand of goods in the market and creating more unemployment.
In the last ten years (2006-2016), India’s population has increased by 136.28 million and unemployment is at a 5 year high in the financial year of 2015-2016.
Could be from their total apprehension towards the concept itself, or it may be that an individual is unable to find work paying his desired wages and he doesn’t want to settle.
Involuntary unemployment encompasses all those factors that prevent a physically fit individual willing to work from getting an appointment.
Types of Unemployment The most accepted classification of Unemployment recognizes two broad types: Voluntary and Involuntary Unemployment.
Voluntary unemployment arises when an individual is not under any employment out of his own desire not to work.