The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation, has unveiled striking data indicating a noteworthy development in India’s labor market for July 2023. Over 10 lakh individuals have entered the organized workforce during this period, marking a substantial increase in employment.
One prominent indicator of this surge is the number of new Employee Provident Fund (EPF) subscribers, which stood at an impressive 1,027,145 for July 2023. This group comprised 752,164 male members, 274,967 female members, and 12 individuals from other categories.
Delving into the age demographics, the data presents intriguing insights:
- 18-21 years: Within this age bracket, 331,541 newcomers joined the formal workforce, with 258,374 men and 73,165 women.
- 22-25 years: In this group, 268,872 fresh entrants were recorded, consisting of 192,972 men and 75,900 women.
- 26-28 years: A total of 101,130 individuals entered the workforce, comprising 74,802 men and 26,326 women.
- 29-35 years: This category witnessed 150,439 new members, including 103,293 men and 47,141 women.
- Over 35 years: Interestingly, 167,339 individuals in this age group joined the workforce, with 116,771 men and 50,564 women.
Remarkably, the data also revealed that 424,433 members discontinued their EPF subscriptions during the month, with 324,878 men and 99,509 women ceasing their contributions. Additionally, 1,271,872 members exited and subsequently rejoined the EPF, encompassing 1,061,446 men and 210,416 women. These numbers highlight the dynamic nature of India’s labor market, characterized by both new entrants and exits, reflecting various factors influencing employment trends.
In a related development, a recent report titled ‘State of Working India 2023: Social Identities and Labor Market Outcomes,’ released by Azim Premji University in Bengaluru, shed light on the challenges faced by graduates below the age of 25. The report disclosed that 42% of these graduates remained unemployed in the aftermath of the Covid-19 pandemic, and job creation had been hindered by the global economic slowdown. Notably, the report emphasized that unemployment rates varied considerably, even among individuals with higher education qualifications, citing data from the Periodic Labour Force Survey (2021-22) conducted by the NSO.
The NSO’s latest data showcases a dynamic labor market in India, with a substantial influx of new entrants in July 2023. However, it also underscores the persistent challenges faced by young graduates seeking employment in the aftermath of the pandemic and global economic fluctuations, emphasizing the need for targeted interventions to address these issues.