Millennials welcome revised income tax slab – Survey

• TimesJobs survey on the impact of Union Budget 2020 reveals that most (56%) professionals welcomed that income tax slab revision,
• The announcements related to insurance policies were the biggest disappointment 39% of young professionals said that the Union Budget 2020 failed to introduce concrete plans on employment generation
• 41% of professionals said that the policies announced for start-ups failed to address the grass-root problems

The proposed revision of income tax slabs was welcomed by India Inc. employees, with most (56%) professionals claiming that this was ‘employee-friendly’ announcement of the Union Budget 2020, revealed a new TimesJobs survey.

The survey was conducted among 1796 professionals to understand how the employees perceived the Union Budget 2020. 

“The Union Budget 2020 was appreciated for income tax slab revisions, upskilling and internship-related measures. However, employees – and specifically the millennials – had a lot of hopes of sporadic employment generation. Our survey findings outline all these hopes and aspirations of India Inc. employees,” said Sanjay Goyal, Business Head, TimesJobs and TechGig.  

• Most Appreciated Announcements: After the revision of income tax slabs (voted by 56% professionals), employees also appreciated the measures for upskilling (voted by 46%) as ‘employee-friendly’. The proposed one-year internship program for professionals in urban bodies was voted by 43% employees as the third most ‘employee-friendly’ announcement. 

• Most Snubbed Announcement: About 55% of professionals didn’t see the Budget addressing the issues related to unemployment and underemployment strongly. 

• Neutral Announcement: As many as 56% of respondents said that the Budget announcements were ‘average’ and were pegged at resolving short-term economic scenario, without having a long-term impact. 

Upskilling announcements voted up by professionals

The measures for upskilling were voted by 46% of respondents after the income tax slab revisions. Some employees said that these measures weren’t expected in the Budget announcements, and were, of course, a pleasant surprise.  

Insurance-related announcements were the biggest let down for service class

The TimesJobs survey asked employees about how the announcements on insurance policies will impact their savings. Most (55%) respondents said that the Budget announcements for insurance policies would negatively impact their saving habits. Nearly 53% of the surveyed employees said that they would channelize their funds in other saving portfolios after the Budget announcements. As many as 47% of respondents said that they would spend only a reasonable amount in the LIC policies. 

Union Budget 2020 a lackluster for millennials

Around 58% of millennials working across different sectors said that the Budget failed to address their core issues. A majority (39%) of these respondents said that the Budget had no concrete plans on employment generation. About 24% of respondents said that the Budget announcements were limited to a few sectors like start-ups, IT and Healthcare only. About 16% of professionals said that the Budget lacked tangible benefits for professionals working at the middle management level.

Budget fails to address the grass root problems of start-ups 

As per 27% of respondents, the Budget announcements for start-ups were bland. Of these respondents, about 41% of professionals said that the policies proposed don’t answer the grass-root problems faced by start-ups. As many as 30% of respondents said that the government had failed to meet with the commitments of the previous Budget, and hence the new announcements were nothing more than a shallow war cry.