CLOSING A FACTORY IS NOT LIKE CLOSING A LAPTOP
The vegetable cutter in a famous restaurant was not getting overtime and also lost the benefit of having dinner free as his timings got over by 6 p.m. Since recession was felt by the IT industries when Obama became President of USA there were fewer crowds in costly hotels. I was intrigued by the economics where when the rich cut on luxuries the poor has to lose on his necessities. While this was the effect of a reduced salary in an industry that pays the highest with matching perks and onsite visits that earns in dollars, what would be the effect if a factory that pays the lowest (minimum wages) with no perks decides to close down? I looked at the closing down of both Nokia and Foxconn in that perspective. When people who are not educated or skilled enough do not have a job they do manage a living by odd jobs that become even regular over a period. When factories open and offer jobs the people who join as unskilled or semi skilled workers take comfort ...