Formal sector jobs rebound in November

A total of 1.46 million net formal jobs were created during the month, a 4.88% rise from 1.39 million a year earlier, showed provisional EPFO payroll data issued by the Ministry of Labour and Employment on Wednesday.

Formal job creation under the retirement fund body increased 9.07% last November from 1.34 million in October, which was a five-month low. Net new subscribers added to EPFO stood at 1.28 million in April, 1.35 million in May, 1.39 million in June, 1.61 million in July, 1.58 million in August and 1.88 million in September last year. Around 870,000 new members got enrolled last November, an 18.8% increase from a year earlier and 16.6% higher from October.

“This addition in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs,” the ministry said.

Further, 54.9% or 480,000 new members added in November were in the 18-25 age group. This is 13.9% more than a year earlier and 9.56% higher than October.

In addition, net payroll data for the 18-25 age group for November is around 580,000, a 7.96% increase from October. “This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers,” the ministry said. The latest payroll data highlights that around 1.44 million members exited and subsequently rejoined EPFO in November 2024, a 35.8% YoY increase.