Will AI Replace Your Job? Here's The Truth Behind The Rising Fear

In a world that is driven by artificial intelligence, the debate over AI taking jobs is once again making headlines. While several industry leaders have warned of a looming ‘AI apocalypse’ that could wipe out several jobs, Bank of America (BofA) has urged citizens in the United States to critically analyse the situation to avoid panic. In a latest report, the bank's global research team suggested that AI will undoubtedly disrupt the labour market; however, economic theory points out that the industry is not moving towards the ‘job Armageddon’.A report published on April 28 (first spotted by Fortune) highlights how the past 85 years of labour data provided a clear picture about the scenario where the American economy has a history of coming out of technological

disruption.

Bank Notes A Major Change In Jobs

The bank highlights how the workforce has changed over years. Nearly 60 per cent of the jobs in America today did not exist in 1940, the report notes. Modern roles such as 'data scientist', 'social media manager' and 'cloud developer' were hardly ever heard 20 years ago. Moreover, the bank suggests that a massive shift in agriculture has been noted, as 40 per cent of the population in America was into farming in the 1900s, which has now been limited to only one per cent.However, the bank is also taking note of the fact that nearly 840 million jobs worldwide have been exposed to generative AI. While high-income economies could face the major risk, nearly 33 per cent of jobs are in the zone of exposure. It is notable that the bank stressed how AI can act as a partner in 13 per cent of global jobs and enhance what workers can do rather than replacing them. The ratio about AI potentially taking over the jobs amounts to 2.3 per cent. Despite AI helping the humans in executing their tasks, it is important to note that 2.3 per cent of global jobs still account for a bigger number where AI can potentially take over, bringing a significant disruption in the job market.