Business

India’s Formal Job Creation Gains In H1FY25 Despite September Slowdown

India’s formal job creation maintained steady growth in the first half of FY25, despite a slowdown in September. New additions across major social security schemes showed an increase compared to the same period last year, signaling a strong start to the fiscal year.

New enrollments in the Employees’ Provident Fund (EPF) scheme rose 2.3% in H1FY25, adding 6.1 million employees. The Employees’ State Insurance Corporation (ESIC) scheme saw faster growth, with enrollments up 5.2% to 9.3 million. Subscriptions to the National Pension System (NPS) also increased by 6.8%.

Slower Job Creation Growth in the Second Quarter

However, growth slowed in the July-September quarter. EPF enrollments remained flat compared to Q2FY24. New additions dropped to 0.95 million in September, the lowest monthly figure this year. ESIC enrollments also declined to a five-month low of 1.5 million in September.

Despite the slowdown, ESIC enrollments grew 6.8% in Q2FY25 compared to Q2FY24. This suggests stronger demand for lower-paying jobs or rising formalization in smaller organizations.

Economic Growth and Unemployment Trends

India’s GDP grew by 6.5% in Q2FY25, slightly below the 6.7% recorded in Q1FY25. Urban unemployment dropped to 6.4%, the lowest in years, reflecting an increase in salaried employment.

While September data signals caution, the first half’s strong job creation numbers underline the resilience of India’s formal job market.

Also Read: Cabinet Approves PAN 2.0 Project To Revamp Taxpayer Services With Rs 1,435 Crore Budget

Ajaypal Choudhary

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