
Formal job creation declines in March: EPFO
Out of 13.40 lakh members added during the month, around 7.58 lakh new members have come under the ambit of EPFO for the first time.
Out of 13.40 lakh members added during the month, around 7.58 lakh new members have come under the ambit of EPFO for the first time.
The economy is creating millions of jobs in next-gen sectors like solar power, electric vehicles, semi-conductor and defence, but companies need to upskill their employees first.
The report says that India is amongst the seven countries including Brazil and the United Arab Emirates (UAE) where job growth has been slower in the social sector as compared to non-social jobs.
The Budget puts the focus on job creation, but experts say schools and colleges need to integrate skill development in curricula first.
A total of 7.2 crore households were provided employment under MGNREGA scheme in FY22 against 5.2 crore in pre-Covid.
Total number of jobs created by DPIIT (Department for Promotion of Industry and Internal Trade) recognised startups has increased to 269,000 in 2022 from some 43,000 in 2017, the survey says.
This means that 80% of the Indian workforce is looking forward to a new job in the current year. The development comes amid layoffs by startups and big tech companies.
Meanwhile, global unemployment is projected to edge up by around three million in 2023, to reach 208 million, which corresponds to an unemployment rate of 5.8%.
According to the government, around 2,282 new establishments in October have started complying for the first time under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
These employees got average wages worth ₹7 lakh; much higher than average salary received by factory employees that’s around ₹3 lakh.