Formal job creation, as represented by enrollment in the government’s three big social security schemes, dipped by double digits in August, according to the Ministry of Statistics and Programme Implementation data on October 25.
New enrollments to the Employess’ Provident Fund scheme, which applies to larger organisations and better-paid employees, declined to its lowest level of 0.93 million in August, 15 percent lower when compared with 1.1 million additions in the previous month.
August also marks the lowest level of addition to EPF payrolls since the start of the year.
New subscriptions to Employees' State Insurance Corporation, which applies to smaller organisations and lower-paying cohorts, also dipped 11 percent to 1.5 million compared with 1.68 million in July. D
Subscriptions to the National Pension System were also 12.7 percent lower at 54,869 compared with 62,880 in the previous month.
Women lose out
Women lost out as the ratio of women as a proportion of new hires to EPF and ESIC declined from the previous month.
In August, women constituted 27 percent of new hires under the EPF scheme compared with 28.8 percent in the previous month.
On the other hand, in the ESIC, the ratio of women hires declined to a three-month low of 21.7 percent compared with 22.6 percent in the previous month.
Data released by HSBC showed a weakening of service and manufacturing activity in August and September.
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