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Formal job creation in India rose in November after October lows

Formal job creation in India rose in November after October lows

Formal job creation in India rose in November after October lows
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By CNBCTV18.com Jan 25, 2023 10:42:46 PM IST (Published)

The number of new subscribers of the Employees' Provident Funds (EPF) Scheme stood at 899,000 in November, 171,000 higher than in October, indicating a slight pick-up in creation of new jobs.

Formal job creation in India rebounded in November 2022 after hitting a multi-month low in October, according to statistics provided by the Ministry of Statistics and Programme Implementation (MoSPI) on Wednesday, January 25. However, it was also the second-worst month for job creation in 2022.

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The number of new subscribers of the Employees' Provident Funds (EPF) Scheme stood at 899,000 in November, 171,000 higher than in October, indicating a slight pick-up in creation of new jobs.
However, It fell short of the 1 million jobs generated in September by more than 100,000. The highest number of jobs in 2022 was created in the month of July at 1.15 million.
In addition, the EPF scheme added 60.9 million additional participants between September 2017 and November 2022. EPF is applicable to businesses with over 20 employees.
The report also showed that in November, 60,571 new members joined the National Pension Scheme (NPS).  It was lower in comparison to 66,211 in September and 60,662 in October.
"39,72,545 new subscribers joined and contributed to the NPS Central Government, State Governments and Corporate schemes from September 2017 to November 2022," the report said.
Anyone who is an Indian citizen, whether they are residents or not, and who is between the ages of 18 and 70 on the application submission date, may participate in the NPS.
Additionally, the number of new subscribers to the Employees' State Insurance Corporation (ESIC) increased to 1.42 million in November from 1.19 million in October. This indicates a rise in employment in India.
"The present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level. The Ministry welcomes suggestions for improvement in content, coverage and presentation," the ministry said.
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