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    Job woes increased for those between 18 and 21 years in last 4 years: Report

    Job woes increased for those between 18 and 21 years in last 4 years: Report

    Job woes increased for those between 18 and 21 years in last 4 years: Report
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    By CNBCTV18.com  IST (Published)

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    The share of those aged between 18 and 21 years in the number of new Employees’ Provident Fund (EPF) accounts opened over the last four years fell sharply to 24.1 percent in 2021-22 from 37.9 percent in 2018-19

    The share of those aged between 18 and 21 years in the number of new Employees’ Provident Fund (EPF) accounts opened over the last four years fell sharply, indicating a steady decline in the creation of formal jobs for the age group, according to a new report.
    The group’s share in the net EPF accounts created fell to 24.1 percent in 2021-22 from 37.9 percent in 2018-19, Business Standard reported quoting data from the Employees’ Provident Fund Organisation. Economists and researchers believe that the trend may continue, the report said.
    According to the data, in absolute numbers, net jobs created for the 18-21 age group did not decline. On contrary, the net new EPF accounts opened for those in the age group witnessed an increase of nearly 26 percent during the four-year period between 2018-19 and 2021-22.
    In 2021-22, net jobs added for the 18-21 age group for both men and women stood at 2,954,691 as against 2,345,585 in 2018-19. However, net jobs created for all age groups during the same period grew by almost 98 percent, leading to a decline in the percentage of net new formal jobs added for the 18-21 age group.
    The trend is traditional and was made worse by the COVID-19 pandemic, Business Standard quoted Radhicka Kapoor, senior fellow at the Indian Council for Research on International Economic Relations, as saying.
    “If one wants to bear the burden of social security cost, one wants to do it with an experienced person,” Kapoor said.
    Majority of Indians, mostly women, no longer looking for jobs: Report
    Last month, massive protests erupted across the country over the government’s new Agnipath scheme, with youngsters, mostly in the age group mentioned above, taking to the streets to express their dissatisfaction over the recruitment drive. The Agnipath scheme aims to hire 46,000 people each year in the armed forces in the age group 17.5-21 for a four-year tenure.
    At the end of the tenure, a quarter of the Agniveers, or soldiers enrolled under the scheme, would be retained for regular service while the rest will be relieved. The government has increased the upper age limit for this year to 23. Job aspirants protested over concerns of job security and also because the scheme offered no gratuity or pensionary benefits.
    Accounts in the National Pension Scheme are also an indicator of formal jobs decline along with EPF. However, NPS data for the 18-21 age group is not available.
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