Psychological, social and economic impact of COVID 19 on the working population of India: Exploratory factor analysis approach.

ABSTRACT

The purpose of this study is to unravel the effects of COVID-19 on the psychological, social, and economic well-being of the working population of India. To achieve the objectives of the study, an online survey was conducted, focusing on aspects like psycho-social well-being, safety, financial stability, and work from home implications. We have used exploratory factor analysis (EFA), t-test, and analysis of variance technique to find the underlying factors. The findings suggest that the female population of the society is more vulnerable to social-psychological and organizational stress. In terms of financial stability, private employees are more unstable as compared to government employees. Based on the standard of living, people of type 1 cities are more affected by the COVID-19 outbreak compared to the people of type 2 and type 3 cities. Hence, by and large, female employees, employees working in the private sector, and employees residing in type 1 cities are more likely to have the behavioral manifestation of negative psychological states caused by this pandemic. The findings will assist policymakers in understanding and devising appropriate policies considering the psycho-social and work-related economic issues faced by the working population of India during the COVID- 19 pandemic.