At the last World Economic Forum (WEF) held this year at Geneva, Switzerland, it was mentioned that Artificial Intelligence (AI), automation and robots will soon eliminate 5 million jobs and 6% jobs in the United States of America. The increased use of bots is being touted as the fourth industrial revolution all over the World.
The WEF is a not for profit organization that consists of heads of governments, MNCs and academia who come together to discuss the problems faced by the World and think of solutions that can solve these problems.
The bots that are being built today are not for helping a human worker or to make to him more operationally efficient, they are being manufactured to completely replace the human workers. The reason for this is the increasing minimum wage rate that many countries are increasing. The minimum wage rate in $15 in the USA and this impacting the profitability of many companies.
Industry leaders say that robots do not need a salary, do not need leaves, do not need lunch or tea breaks, do not need insurance and are not entitled to many other benefits spelt out by law. The robots can work 24*7 and can still give a better output than human workers.
Industrialists, economists and scientists believe that advancements in robotics, artificial intelligence, nanotechnology, genetics, 3D printing and biotech will be responsible for loss of jobs. Apart from routine factory jobs, administrative jobs, customer service jobs and a few other plain routine jobs can be easily replaced by robots.