Automation is cutting jobs

Industrial automation will cause loss of up to 20 million manufacturing jobs by 2030 around the world, according to a new report by the Oxford Economics.

Now we watch movies using Netflix accounts. We now can enjoy HD movies at home on smart television and through streaming platforms. This is a stark difference from a few years back when we used to buy DVD, CD or go to cinema halls to watch movies. Earlier, many people who were involved in the entertainment industry in many countries now do not have these jobs as these things have become obsolete. The demands for those that are still surviving, for example cinema halls, are also on the decline.

Already many entry-level jobs are gradually closing down because of artificial intelligence and automation. A person can work eight hours a day and needs breaks during work-hours. But an AI or robot does not need that. It can work 24 hours without rest. Many prominent leaders-- Bill Gates one of them-has mentioned that imposing higher tax on companies that use automation will decrease the problem. Many political leaders agreed to test the system of Universal Basic Income (UBI), where every person of the country like the USA will get a UBI amount of US$ 1,000 each month to lead his or her life properly. Not every country is willing to apply this system though, as there is a fear that bond prices will crash because of this UBI system.

But such are some of the steps that are being considered. It is time we prepared for these changes.

Shamsuzzaman

Department of Business Administration

East West University, Dhaka

[email protected]