Formal job creation may hit record high in FY 2024-25; here’s what EPFO data suggests
India's formal job sector is booming, with projections indicating a record-breaking 14.5 million net additions in fiscal year 2024-25, surpassing previous highs. While new EPFO registrations have dipped, possibly due to lack of incentives, increased formalization driven by wage digitization is fueling job growth. Government initiatives like employment-linked incentives are expected to further boost establishment registrations.
India's formal job sector is booming, with projections indicating a record-breaking 14.5 million net additions in fiscal year 2024-25, surpassing previous highs. While new EPFO registrations have dipped, possibly due to lack of incentives, increased formalization driven by wage digitization is fueling job growth. Government initiatives like employment-linked incentives are expected to further boost establishment registrations.
