More than eight lakh new jobs created in December 2023: EPFO

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The organisations in the formal sector of the  country have created more than 8 lakh new jobs in December 2023, data from Employees Provident Fund Organisation (EPFO) showed. As compared to year-ago month, the organisations were able to create five per cent more jobs in the month under consideration. While, as compared to the preceding month, formal job creation is up 14 per cent. Formal job creation has increased both on year-on-year (YoY) and month-on-month (MoM) basis in December 2023.

Formal job creation on the rise since Covid-19:

Looking at historical data, the organisations in the formal sector have been able to create more than one crore jobs in each financial year since FY19. After Covid-19 pandemic, annual formal job creation has continuously increased in the country. In FY22, 1.09 crore new jobs were created . While, in FY23, the formal sector of the economy was able to create 1.15 crore new formal employment opportunities.

Formal job creation on annual basis still below pre-Covid levels:

However, despite of continuous rise in annual formal job creation, it has not been able to breach pre-covid levels! In last five financial years, the formal sector of the country  was able to create maximum jobs in FY19. The organsations had created 1.39 crore new jobs in that fiscal.

FY24 formal job creation to be lower than the previous fiscal’s: EPFO data shows

Talking about how has job creation been in the current fiscal, the formal sector has been able to create 84 lakh new formal jobs. Hitherto, in the current fiscal, on average, the organsiations have been able to create more than nine lakh new employment opportunities on a monthly basis. This is less than the preceding fiscal’s (FY23) monthly average of 9.58 lakh new jobs.

So, the formal sector might not be able to create as many jobs in the current fiscal as it had created in the preceding fiscal.