With a sample size of 2,000 schools, the ISFC gives insights around fee collection, staff and salary reduction, and reopening schedules.
New Delhi, January, 05, 2020: Only 5.28% of schools have opened so far in India as 81.24% of them will partially open by January 2021, finds a survey-based study by Indian School Finance Company (ISFC). With a sample size of 2,000 schools, the study is based on two surveys from September to December and gives insight into the schooling system of India following the COVID-19 outbreak.
The study reveals that the fee collection has taken the biggest hit with 17.06% of schools reporting no collection’ this year. 59.74% of schools further claimed that their inflow was less than 40% in 2020. The decreased revenues naturally disrupted the staff and salary management with 26.49% accepting to have reduced workforce while 36.43% claimed salary reductions. However, a majority of schools stood firmly with their employees despite harsh economic conditions.
A key takeaway of the study was that there is a marked improvement in nearly all areas now (as per November-December study surveying 552 schools vis-à-vis September-October study surveying 360 schools). For instance, more than two-thirds or 68.10% of schools are now conducting online classes, whereas, only 40.05% schools had been doing so till October. Such factors, including economic indicators and job prospects, are expected to enhance further in the near-term.
Speaking on the survey findings, Sandeep Wirkhare, MD & CEO, ISFC said, “It is to state the obvious that 2020 was a year unlike any other. We saw paradigm-changing disruptions across the horizontal market with digital approaches replacing the conventional ones. Schools were perhaps one of the worst-hit segments as they largely rely on their physical infrastructure. The academic loss of students along with schools’ own financial shortfall was limited to an extent by conducting online classes, a trend that continues to grow. Now, when 2020 comes to a close, it’s good to know that nearly all indicators are encouraging and there are green shoots of revival.”