Formal job creation slows in April, says MoSPI

The overall job addition to EPF was 72 percent higher, owing to a 1.6 percent rise in re-subscribers and a 62 percent decline in people exiting the scheme.

Trends indicate that people exiting the scheme tend to get revised upward in the subsequent months.

In the case of the National Pension Scheme, new additions were 41.7 percent higher at 110,665 compared with the average monthly addition for FY24.

The rise in NPS was led by state governments, as they added 72 percent more subscribers compared to the previous year’s monthly average.

The enrolments by the central government were also 11.7 percent more than the previous year’s average, according to data released by the government.

Lack of job creation was one of the primary issues raised by the opposition in the run-up to the general elections, where the ruling Bharatiya Janata Party fell short of the 272-majority mark.

One of the demands of industry bodies in the pre-budget consultations with the finance minister was to launch Employee Linked Incentive schemes to provide a fillip to formal jobs.