Author Name:Justin Royals
Address:- B-707 MONDEAL SQUARE Sarkhej –
Gandhinagar Hwy, Prahlad Nagar,
Ahmedabad, Gujarat 380015
Mobile No:- +91 8980018741
The pandemic has destroyed the world physically and financially. Many companies went bankrupt, had unsold inventory, or closed down stores. One of the victims was recruitment companies. They are not much spoken off. However, they faced a huge loss.
What have the recruiters asked for?
Many manpower recruiters have asked for a 2-year extension of the security money for two years. With the onset of the pandemic, they have suffered huge losses for which they cannot need an extension of the deadline.
What is the security money?
You must be wondering what the security money is. This is the Bureau of Manpower Employment and Training (BMET) money for giving licenses.
The Bureau of Manpower Employment and Training (BMET) has returned 50 percent of the security money to the recruiters for a year. Unfortunately, recruiters with canceled licenses and confiscated money were not eligible for this loan.
Image Source:- shutterstock
How did the manpower companies apply for a plea?
This decision was taken by the ministry of the Bangladeshi Association of International Recruiting Agencies (BAIRA). The problem arose because this committee got dissolved. Hence, these recruiters formed a union who collaborated with the Female Workers Recruiting Agencies Association of Bangladesh to make this plea to the Expatriates’ Welfare and check this link right here now top overseas manpower recruitment .
This was a great idea to cooperate to ask for a plea. They have gone through a really difficult time for which they are suffering to pay off the debts. There has been a detailed discussion regarding this matter. Many overseas manpower recruitment companies have suffered because of this matter.
Video Source:- EMMOTION by Marat
The question is what made the situation worse for them. What happened that they had to ask the plea for extending the deadline? Let’s have a detailed look and further insight into this matter:
Why did the recruitment companies fail to return the money on time?
The answer is simple – The Pandemic. The Pandemic has destroyed the employment of many people. With such less employment, it’s natural that manpower companies will suffer and face huge amounts of losses. How will they provide even?
Less demand
The demand and supply chain is broken in the market. Companies are asking for fewer employees as they can’t sustain the existing employees. Amidst this process, the present manpower companies are being referred less. Client companies are relying more on internal recruitment and check over here best global manpower service mumbai .
More loans and expenses
Manpower companies have asked for loans from different institutions. It is completely obvious to ask for loans in this situation. The expenses are huge so it’s difficult to sustain all. Paying rents to an employer’s salary has become a big challenge for everyone. They mainly stated they barely make enough to pay off enough rents. Many companies went bankrupt and sold assets but still didn’t have enough to pay off debts.
Massive losses
Finally, this is one of the rational reasons and justification for this condition. They have faced a massive amount of losses because of the pandemic. There are no signs of the end of the pandemic at a sooner or later date. Many manpower recruiters have faced losses because they could not send people abroad.
Conclusion
Be it global manpower services mumbai or any city, the damage has been huge. It’s difficult to ascertain when they will recover. When things get better, you must be rebuilding again.
For more information:- Alliance International