Zerodha, a leading Indian financial services company, has announced a new policy to retain employees even if certain positions become redundant due to the increasing use of artificial intelligence (AI). CEO Nithin Kamath said that the new internal AI policy was intended to alleviate AI/job loss anxiety. The company will not fire anyone on the team just because they have implemented a new piece of technology that makes an earlier job redundant. Kamath also highlighted predictions he had made two years ago, stating that AI was finally in a position to take away jobs and disrupt society. He added that many companies were likely to let go of employees and blame it on AI in the coming days, worsening wealth inequality.
Earlier in May, a study indicated that the Indian job market was likely to see a 22% churn over the next five years, with top emerging roles coming from AI, machine learning, and data segments. Meanwhile, the latest Future of Jobs report from the World Economic Forum said that globally, the job market churn is estimated at 23%, with 69 million new jobs expected to be created and 83 million eliminated by 2027.