Fresh formal job creation falls below 1-million mark in August: EPFO

The unemployment rate shot up to 8.3 per cent, which was the highest, compared with the rates in the past 12 months

The number of fresh formal jobs created in August fell below the 1-million mark for the first time in five months, declining 11.9 per cent from July levels, according to the latest payroll data released by the Employees’ Provident Fund Organisation on Thursday.

New Employees’ Provident Fund (EPF) subscribers in August saw a sharp decline to 986,850, from 1,119,698 in July. Enrolment of new female subscribers fell faster (12.5 per cent) than their male counterparts (11.6 per cent) in August, compared with the previous month.

According to the data released by the Centre for Monitoring Indian Economy (CMIE) — which