Fresh Formal Job Creation At Six-Month Low In September

Published On: November 21, 2023 - According to the payroll data released, fresh formal job creation cooled for the second consecutive month in September. The job creation in the formal sector declined to a six-month low, as per EPFO data. The overall events signal a downturn in the labour market. In addition, the retirement fund body added 1.7 million net members in September. Interestingly, individuals in the 18-25 years age group constituted 58.92% of total new members. Besides, the members exiting EPFO are on a decline since June 2023. Around 11.93 lakh members exited but rejoined EPFO later.