The new EPFO data reveals alarming trend as job creation hits 21-month low for February. This is the smallest number of new recorded subscribers since May 2021, when just 649,618 new members had joined the Employees’ Provident Fund Organisation.
According to the latest numbers, Employee Provident Fund Organisation (EPFO), fresh formal job creation in India has been on the decline for three consecutive months.
In February, the number of new monthly subscribers under the Employees’ Provident Fund (EPF) fell to a 21-month low, with only 738,052 new subscribers. This marks a 10% decline compared to January’s numbers, which saw 819,659 new subscribers.
EPFO data reveals alarming trend as job creation hits 21-month low for February it suggests that employment opportunities in India may be weakening, especially for first-time job seekers in the 18-28 age group.
It remains to be seen how the job market will fare in the coming months, and if efforts will be made to address these concerning trends. The decline in job creation is a cause for concern, as it suggests that the employment market is under pressure.
This low employment creation trend is particularly worrisome given that in the financial year 2022-23, the number of new monthly subscribers under the EPF had remained consistently above 1 million for six consecutive months, with a high of 1.16 million recorded in July 2022.
According to the UNFPA representative, India has a special opportunity to benefit from having a lot of young people. Almost half of India’s population is under 25 years old.
As the number of babies born decreases, India has a chance to use this younger generation to create more jobs and grow its economy. By investing in health, education, and jobs, especially for women and girls, India can make the most of this opportunity.
Source: EPF India
