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Fresh formal jobs creation falls 10% to 9.06 mn in 2023: EPFO data

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  1. Formal job creation witnessed a 10% decrease in 2023 compared to the previous year, evident from EPFO’s payroll data analysis.
  2. EPFO data for January to October 2023 revealed 9.06 million new EPF subscribers, down from 10.1 million in the same period last year.
  3. Within the 18-28 age group, new subscribers declined by 11%, indicating a decline in first-time labour market participants, usually reflective of market robustness.
  4. The services sector, majorly constituting the formal workforce, experienced hiring slowdowns due to revenue declines and muted demand.
  5. Women subscribers dropped by 12%, partly attributed to firms recalling employees to offices, leading to a preference for home engagements and reduced workforce participation among women.
  6. The PLFS recorded a six-year low unemployment rate at 3.2% for July-June 2022-23, despite the slowing trend in formal job creation.

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