Number of formal jobs rose 35% in first half of FY23, says report

A higher number of jobs were created in the second quarter of FY23, as compared to the first quarter: EPFO data

Nealy 87,10,000 formal jobs were created in India in the first half of the current financial year (H1FY23). This is 35 per cent higher than the jobs created in the same period in FY22, a report in Businessline said. A total of 25,330 new establishments were registered under the Employees' Provident Funds and Miscellaneous Provisions Act, of 1952. 

In the first half of FY22, 64,72,000 formal jobs were created and in H2 FY21, 24,60,000 jobs were created, the report added. 

The report was based on the payroll data released by the Employees' Provident Fund Organisation (EPFO). It releases data for establishments that employ over 20 workers and have provident fund accounts opened for them. 

A higher number of jobs were created in the second quarter of FY23, as compared to the first quarter. From 39,30,000 jobs, the number of jobs created rose to 47,40,000 jobs in the second quarter. The highest number of jobs, 16,82,000, were created in September.

The highest number of jobs were created in the expert services sector including manpower agencies, private security agencies and small contractors. It was followed by trading-commercial establishments and engineering. 

Also, the highest number of jobs were created in Maharashtra, Karnataka and Tamil Nadu. Himachal Pradesh, Jharkhand and Chhattisgarh were the ones that lagged. Gen Z, born between 1997 and 2000, bagged the most jobs.