{"id":1285597,"date":"2024-09-23T15:59:21","date_gmt":"2024-09-23T10:29:21","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1285597"},"modified":"2024-09-23T15:59:41","modified_gmt":"2024-09-23T10:29:41","slug":"psus-fired-23306-employees-in-1-year-coal-india-1-in-reducing-employees","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/psus-fired-23306-employees-in-1-year-coal-india-1-in-reducing-employees\/","title":{"rendered":"PSUs Fired 23,306 Employees In 1 Year; Coal India #1 In Reducing Employees"},"content":{"rendered":"\n

The shrink in the headcount is not limited to the information technology sector as these signs are appearing in public sector undertakings (PSUs) as the sector continues to witness a shrink<\/a> in staff strength over the last few years.\u00a0<\/p>\n\n\n\n

\"PSUs<\/figure>\n\n\n\n

Decline In Headcount Of Top PSUs<\/strong><\/p>\n\n\n\n

Consider the case of the top 16 state-owned firms by market capitalization, all of them, except four, have reported declines in their employee count during FY24.<\/p>\n\n\n\n

It appears that the 12 PSUs including Coal India, State Bank of India (SBI) and Hindustan Aeronautics Ltd (HAL) have together cut their staff strength by 23,306 in FY24 after a similar magnitude of reduction in FY23, as per a CNBC-TV18 analysis.<\/p>\n\n\n\n

Out of these, the biggest drop in headcount was witnessed at Coal India as almost 4% to 5% of its employees are superannuated every year. <\/p>\n\n\n\n

Further, Coal India has reported a net reduction in manpower by 10,349 during the year.<\/p>\n\n\n\n

The country\u2019s largest coal producer employee count had come down by 9,340 for FY23.<\/p>\n\n\n\n

The company’s wage bill accounts for 48% of its total expense and the same declined by 1% to \u20b948,783 crore in FY24 due to a reduction in manpower.<\/p>\n\n\n\n

The Director of Finance at Coal India, Mukesh Agrawal noted, “As the superannuation and attritions of employees are taking place, it is bound to come down,” post-Q3FY24 earnings.<\/p>\n\n\n\n

This holds a great significance as this trend is visible across sectors from banking and manufacturing to energy and minerals.<\/p>\n\n\n\n

In such a similar incident, State Bank of India also witnessed its number of employees fall by 3,562 in FY24 after witnessing a reduction of 8,392 in FY23.<\/p>\n\n\n\n

Reducing Headcount<\/strong><\/p>\n\n\n\n

In a closer look, this has been happening for a long time as the country’s largest lender has been cutting its total headcount over the last five years. <\/p>\n\n\n\n

It appears that the financial service provider has reduced its employee count by 10% since FY19 which equates to 25,000 fewer staff. <\/p>\n\n\n\n

By the end of March 31, 2024, the number of employees at the state-owned lender stood at 2,32,296.<\/p>\n\n\n\n

Interestingly, these numbers are the highest among listed PSUs.<\/p>\n\n\n\n

Similarly, Coal India records the second highest headcount at about 2.3 lakh, Punjab National Bank (PNB) comes third with a total headcount of 1,02,349 as of March 2024.<\/p>\n\n\n\n

This data further indicates that the most state-owned lenders such as Bank of Baroda, Canara Bank, Punjab National Bank and Indian Overseas Bank have reduced their staff strength during the financial year.<\/p>\n\n\n\n

But there are also some companies such as SBI Life Insurance, Gail India, Life Insurance Corporation of India (LIC), and Bharat Electronics who have added employees in FY24.<\/p>\n\n\n\n

For instance, SBI Life Insurance added nearly 3,100 employees during the year.<\/p>\n\n\n\n

Others also saw their headcount increase by up to 215.<\/p>\n","protected":false},"excerpt":{"rendered":"

The shrink in the headcount is not limited to the information technology sector as these signs are appearing in public sector undertakings (PSUs) as the sector continues to witness a shrink in staff strength over the last few years.\u00a0 Decline In Headcount Of Top PSUs Consider the case of the top 16 state-owned firms by […]<\/p>\n","protected":false},"author":27,"featured_media":1285608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[6160,471],"class_list":["post-1285597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-coal-india","tag-psu"],"acf":[],"yoast_head":"\nPSUs Fired 23,306 Employees In 1 Year; Coal India #1 In Reducing Employees - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/psus-fired-23306-employees-in-1-year-coal-india-1-in-reducing-employees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PSUs Fired 23,306 Employees In 1 Year; 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