QUALITY JOBS GENERATION HIT HARD, WORKERS SURGE INFORMAL SECTOR
EPFO DATA FOR FORMAL SECTOR SHOWS SHARP AND DISMAL DOWNTURN
2023-12-23 11:54
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In contradiction to the claim of the Modi government of improvement in the labour market, latest Employees’ Provident Fund Organisation (EPFO) data pertaining to the formal sector shows a downturn. Quality jobs generation declined sharply by 16.7 percent in October 2023 compared to the September figure, a 7-month low. The number of new monthly subscribers of EPF declined to 772,084 in October from 926,934 in September, and 757,792 in March 2023.