1 million Lesser EPFO Accounts

EPFO records 1 million fewer formal jobs, signalling a dip in workforce formalisation compared to last year.

The Job Creation Dilemma

While data from EPFO suggests that formal job creation has dipped, the periodic labour force survey shows improvement in urban areas.

April-July Employment Data

April-July 2023 saw 6.01 million net new formal jobs, which is 1.02 million less than last year during the same period—a 14.5% dip.

Analysing the Trends

Labour economists interpret EPFO data as a sign of declining formalisation, which may impact social security coverage.