Formal job creation picks up in November ‘22

The increase came after witnessing a constant decline during the previous months

January 27, 2023

The number of new subscribers of the Employees’ Provident Fund Organization (EPFO) reached about 900,000

The net new subscribers amounted to more than 1.6 million in November 2022

About 1.1 million employees rejoined the formal workforce and 320,000 created new EPF accounts in November 2022

The growth in employment can be attributed to the recovery in contact-intensive services like travel, tourism, etc after two years of Covid-19

India’s formal job creation witnessed a rebound in November 2022 after seeing several months low in October last year, according to a report from the Ministry of Statistics and Programme Implementation (MoSPI).

The number of new subscribers of the Employees’ Provident Fund Organization (EPFO) reached about 900,000, in November, as compared to 171,000 in October 2022. 

According to the report, the net new subscribers amounted to more than 1.6 million in November 2022, which included new EPFO subscribers and those who rejoined. During the previous month, the number stood at 1.1 million. 

About 1.1 million employees rejoined the formal workforce and 320,000 created new EPF accounts in November 2022 compared to about 1 million rejoined and 671,000  new accounts in the previous month, the same year. 

Media reports said that the growth in employment can be attributed to the recovery in contact-intensive services like travel, tourism, etc after two years of Covid-19. Additionally, Purchase Managers Index (PMI) services in the third quarter of FY23 averaged 56.6 points compared to 55.6 in the previous quarter.

Source: Mint

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