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India Sees Decline In New Formal Job Creation, Hits Three-Month Low In February
The Business Guardian
|April 22, 2024
The rural unemployment rate increased sharply to 7.8% in February from 5.8% in January, while urban unemployment rate fell from 8.9% to 8.5% during the same period.
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The country's formal labour market witnessed a slowdown in February, with fewer fresh jobs being created, the latest payroll data released by the Employee Provident Fund Organisation (EPFO) showed on Saturday.
The number of new monthly subscribers to the Employees' Provident Fund (EPF) declined nearly 3.7 per cent in February to 777,717 from 807,865 the previous month.
This is crucial, as only the formal workforce enjoys social security benefits and is protected by labour laws. By comparison, 764,106 subscribers had joined the EPF in February 2023.
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