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Govt data shows recovery in job market
As the economy and businesses limp back to normalcy amid the pandemic with the country's employment scenario still under a cloud, data from the Ministry of Statistics and Programme Implementation shows that there is a recovery in the job market with over 8.20 lakh new people joining the formal workforce.
The data showed that number of new subscribers to the Employee Provident Fund was 8,20,336 in the month of January, 2021. Another 7,84,219 exited members rejoined and resubscribed during the month.
A total of 2,68,671 subscribers ceased their subscription in January, indicating that they are out of the formal workforce. They may include those who have lost their jobs, retired or superannuated and even those who might have voluntarily ceased contribution to EPF.
The number of new subscribers gives a sense of revival in the country's job market.
In the current financial year (upto January) over 68.86 jobs have been created in the formal sector including the central government, state government and corporate sector as indicated by the EPF subscriber data.
Further, over 69.12 lakh people rejoined jobs during the period and subscribed to EPFO, while over 75,49 lakh people were out of the formal workforce during the fiscal as of January as is indicated by the EPF data.