Highlights

  • 11% drop in new young subscribers: EPFO data
  • In 2023, the creation of new formal jobs witnessed a notable dip
  • The available EPFO data until October 2023

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The data also reveals a decline of about 11 per cent in the number of new young subscribers, aged 18 to 28, to 5.97 million this year from 6.71 million in the corresponding period last year

New formal job creation dips 10% to 9.06 million in 2023: EPFO data

In 2023, the creation of new formal jobs witnessed a notable dip of approximately 10% compared to the previous year. This decline, derived from the latest payroll data released by the Employees’ Provident Fund Organisation (EPFO), signals a slowdown in formal job generation. This trend is particularly significant as the formal workforce, covered by social security benefits and labor laws, is the focal point.

Also read/watch - Mumbai's luxury property market sees surge in ₹3-7 crore sales, revenue jumps by 23%

The available EPFO data until October 2023 reveals that 9.06 million new subscribers enrolled in the Employees’ Provident Fund (EPF) from January to October, showing a decrease from the 10.1 million during the same period in the previous year.

Additionally, the data indicates an 11% drop in new young subscribers, aged 18 to 28, totaling 5.97 million in 2023 compared to 6.71 million in the corresponding period the previous year. This decline among first-time labor market entrants in this age group highlights a shift in the market's vigor.

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