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Fresh formal job creation falls to lowest in 17 months
Business Standard
|December 21, 2022
The number of fresh formal jobs created fell to a 17-month low in October at 727,899 as the number of new subscribers enrolling under the Employees' Provident Fund Organisation (EPFO) in October plunged 25.9 per cent from the September levels, the latest payroll data released on Tuesday showed.
This is also the third consecutive month of decline in fresh formal job creation. In August (-9.4 per cent) and September (-6.1 per cent) also, the EPFO reported a decline in the number of new subscribers enrolled corresponding to the previous month.
New Employees' Provident Fund (EPF) subscriptions stood at 982,526 in September. The October number was the lowest since May 2021 when only 649,618 new subscribers were added during the month.
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