EPFO Reported “In August, The Number Of Formal Jobs Created Falls Below 1 Million”!!! According to the most recent payroll data issued by the Employees’ Provident Fund Organisation on Thursday, the number of new formal positions created in August went below one million for the first time in five months, down by 11.9% from levels in July.
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The number of new Employees’ Provident Fund (EPF) subscribers dropped significantly from 1,119,698 in July to 986,850 in August. When compared to July, the number of new female customers decreased (12.5%) more quickly than that of new male subscribers (11.6%).
India performed poorly in August in terms of employment, according to figures issued by the Centre for Monitoring Indian Economy (CMIE), which performs its own survey. When compared to rates over the previous 12 months, the unemployment rate rocketed up to 8.3%, which was the highest.
According to a statement from CMIE, “This increase in the unemployment rate demonstrates the economy’s inability to produce adequate jobs at a time when the demand for jobs from individuals rose. According to the CMIE data, the number of salaried positions decreased by 4.6 million to 76.2 million in August, marking the lowest level in 15 months
Using data on the number of subscribers under three major schemes, namely the Employees’ Provident Fund Scheme, Employees’ State Insurance Scheme, and the National Pension System, the National Statistical Office has been publishing employment-related statistics in the formal sector since April 2018. These statistics cover the period from September 2017 to the present.
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