Formal job creation may hit record high in FY 2024-25; here’s what EPFO data suggests | India-Business News
[ad_1] India is poised to witness record-breaking formal job creation in the fiscal year 2024-25, hinting strong hiring activity supported by robust economic growth. According to provisional data released by the Employees' Provident Fund Organisation (EPFO), the net addition of formal jobs in the first 11 months of the fiscal year 2024-25 has already reached 13.22 million. This figure has surpassed the total of 13.14 million jobs added during the previous 2023-24 fiscal year.The surge in formal employment reflects sustained economic recovery and growing business confidence across sectors, according to an ET report.At the current pace—averaging 1.2 million net job additions per month—the total figure for FY2024-25 is expected to exceed 14.5 million. This would mark the highest annual net addition of formal jobs in India’s history, surpassing all previous records including the record of 13.8 million formal jobs created […]