Private companies in the Valley have terminated or slashed salaries of their employees in the wake of unrest in Kashmir.
It is pertinent to note that these companies are lying shut since the unrest started in the Valley . This step has created a distressing situation for the employees.
According to the Chairman of the Kashmir Economic Alliance Yasin Khan around 11 lakh people engaged in the private sector in Kashmir had been affected by the current unrest.
“On an average, there is a loss of Rs 135 crore everyday in Kashmir since the unrest started but we still say that the loss of life of our dear ones is more important than the business losses,” he told the daily.
With no end in sight to the current unrest, many companies have temporarily moved their offices outside the Valley. However, many offices are lying shut, waiting for the violence to end.
Youth have been left without work for the past more than 10 weeks in the Valley which has been facing the problem of unemployment.
Interestingly, as per official records about 2.22 lakh unemployed youth have registered themselves with employment exchanges across J&K. The current setback to the private sector has added to the figures.