According to recent data from the Employees’ Provident Fund Organisation (EPFO), fresh formal hiring in India saw a notable increase of 2.5% in July, reaching a total of 1.05 million new registrations. This upward trend highlights a steady recovery in the job market as businesses ramp up their hiring efforts amid improving economic conditions.
Source:- news 18
The EPFO data, which tracks the number of subscribers added to the provident fund scheme, reflects a positive sentiment among employers as they seek to expand their workforce. This growth is significant, especially considering the challenges posed by the pandemic in previous years, which severely impacted employment rates across various sectors.
Source:- bbc news
The rise in formal hiring is indicative of a broader trend towards job security and benefits associated with formal employment. Many companies are focusing on building a robust workforce that can adapt to changing market demands. Additionally, the government’s initiatives to promote formalization of jobs and enhance the ease of doing business have contributed to this increase in hiring.
Sectors such as construction, manufacturing, and services have been key drivers of this growth. The government’s push for infrastructure development and a revival in consumer demand are expected to further stimulate employment opportunities in the coming months.
Despite the encouraging numbers, experts caution that the overall employment landscape still faces challenges, including skill mismatches and the need for sustainable job creation. Policymakers and industry leaders are urged to focus on strategies that foster skill development and provide support to businesses to maintain this positive hiring momentum.
Overall, the EPFO data for July paints a hopeful picture of the Indian job market, with an optimistic outlook for future hiring trends as the economy continues to recover and grow.
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