EPFO records 1 million fewer formal jobs, signalling a dip in workforce formalisation compared to last year.
While data from EPFO suggests that formal job creation has dipped, the periodic labour force survey shows improvement in urban areas.
April-July 2023 saw 6.01 million net new formal jobs, which is 1.02 million less than last year during the same period—a 14.5% dip.
Labour economists interpret EPFO data as a sign of declining formalisation, which may impact social security coverage.