look news india
Recession News in India: India’s GDP fell to 5.4 percent in the second quarter of the current financial year, compared to an average of 8.3 percent in the same period of the last three years. Reflecting a sharp decline in GDP, the growth in net additions to EPFO declined by 20.8 per cent to Rs 7.50 lakh in October, a seven-month low.
According to monthly data released by the Employees’ Provident Fund Organization (EPFO), 9.47 lakh people joined the workforce in September. There was a net increase of 7.50 lakh jobs in October, while the total increase figure was 13.41 lakh. That means 12.90 lakh people have moved from one job to another. Whereas last month this figure was 14.1 lakh, which shows a decrease of five percent. This shows that the job growth that has been going on for the last three years has now slowed down.
EPFO data is important as it reflects the labor market as well as the economic growth of the country. Although these figures account for those receiving Social Security benefits and the protections of labor laws, they do not include jobs that receive no such protections.
The proportion of youth aged 18 to 25 years among the newly joined EPFO members in October has also decreased to 58.5 percent, that is, out of the total 7.50 lakh new EPFO members, the number of youth was only 4.38. Lakh. Whereas in September this percentage was 60 percent i.e. in the new increase of 9.47 lakh, the number of youth was 567700.
This figure is important because 18 to 25 year old workers are entering the job market for the first time. It also reveals the level of employment and the state of economic activity and business. However, another important point is that the share of female subscribers has increased to 27.9 percent or 209,000 from 26.1 percent or 247,000 in the previous month.
The Labor Ministry said in its statement that the Center for Monitoring Indian Economy (CMIE) conducted its flagship Consumer Pyramid Household Survey (CPHS), according to which the increase in the number of women employees shows that our labor force is becoming more inclusive and diverse. It is happening. ), the labor market outlook in October was extremely positive. Due to this, the unemployment rate increased from 7.8 percent in September to 8.7 percent in October.
State-by-state payroll data shows that the top five states accounted for 61.32 per cent of the total net increase in employees. He has added about 8.22 lakh members. Maharashtra tops the list with 22.18 percent growth. After this there are Karnataka, Tamil Nadu, Delhi, Haryana, Telangana and Gujarat.
These states contributed almost more than five per cent of the total members added during the month.
