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Fresh formal job creation declined for the second straight month in January, falling to a 20-month low, signalling pressure in the job market.
These are the findings of the latest payroll data released by the Employee Provident Fund Organisation (EPFO) on Monday.
The number of new monthly subscribers under the Employees’ Provident Fund (EPF) has declined by 7.5 per cent to 777,232 in January 2023 from 840,372 in December 2022.
This is the lowest number of new subscribers joining the EPF, since May 2021, when only 649,618 new members had subscribed to the fund.
Earlier in FY23, the number of
