New formal job creation in February at 21-month low, shows EPFO data
The number of new monthly subscribers under the Employees’ Provident Fund (EPF) declined 10 per cent sequentially to 738,052 in February from 819,659 in January.
In FY23, the number of new monthly subscribers had remained above 1 million for a six consecutive month from April to September, touching a high of 1.16 million in July, 2022.
However, the net monthly payroll numbers are provisional in nature and often revised sharply the following month. That is why the new EPF subscriber figure has greater certitude than net additions.
According to the data released by the Centre for Monitoring Indian Economy (CMIE), which conducts its own surveys, India’s unemployment rate rose to a three-month high in March at 7.8 per cent from 7.45 per cent in February.
On Wednesday, the United Nations Population Fund said India was set to become the most populous country in the world with 1.429 billion people by the middle of 2023, surpassing China at 1.426 billion.
“As the national fertility rate falls below 2.1 (the replacement level), India is at a unique historical opportunity, witnessing a great demographic transition as a youthful nation, with a notable demographic diversity across states to convert the potential demographic dividend into economic benefits through additional investments in health, education, and quality jobs for young people — including targeted investments in women and girls,” she said.
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