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Rise in Formal Employment, Over 85 Lakh Jobs Created

Rise in Formal Employment, Over 85 Lakh Jobs Created

The Central Statistics Office (CSO), the governmental agency responsible for coordination of statistical activities in the India, estimates that around 85.5 lakh jobs were created in total during the last financial year.

 

The government agency determined the number by taking into account the additions to the Employees’ Provident Fund (EPF) subscriber base, which gives corresponding job generation data.

 

The exact employment generated in FY21 was recorded at 85,48,898 as per the EPFO data. The chief statistical body of the government also discloses that the employment situation in FY22, with over 60 lakh subscribers coming in during April-October quarter, is steady.

 

The data also provides gender-wise job creation. During the last year, 66,03,664 men entered the formal job market. In comparison, only 19,45,016 women joined the workforce during the period. Also, more of the youth, in the age bracket of 18-25 years, got employed while the elderly workforce has been finding it tough.

The Statistics body also released the Labour Force Survey for the third quarter of 2021 recently. The survey, for which it employs the ILO methodology, discovered that about 1,49,100 Indians between the age of 15-74 years were unemployed in the third quarter of FY21.

The overall unemployment rate has dipped to 5.7 per cent from 7.4 per cent in the past year. As for those in the bracket of 15-24, the young workforce, around 12.1 per cent were unemployed. Overall, the employment went up by almost 10 per cent since last year, with a total of 2,21,200 people entering the workforce.

 

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