Formalisation Surge: India's Workforce Shift in 2024-25
India's informal labor market is transitioning towards formalisation, marked by record enrolment in EPFO during 2024-25. Young individuals predominantly drive this change, favoring formal employment as a career start. Quess Corp's report highlights industry trends, rising women's participation, and the urgency for social infrastructure to boost workforce inclusion.
- Country:
- India
The informal labor market in India is witnessing a transformative shift, with formalisation gaining a foothold, as demonstrated by the Employees' Provident Fund Organization (EPFO) reporting record enrollments for 2024-25. A report from Quess Corp shows young people chiefly propelling this trend towards formal employment.
The 'India's Workforce Trends & Quess Corp Role in Formalisation' report shares significant insights, revealing EPFO's peak in attracting 139.78 lakh new subscribers in the fiscal year, a substantial leap from 61 lakh in FY19. Notably, 61% of these new subscribers are below 29 years, emphasizing the growing reliance on formal jobs as career inception points.
Moreover, the study highlights improved female participation, now at 41.7%, with a quarter of new EPFO enrollees being women. Also, sectors like retail, BFSI, and manufacturing lead job creation, with BFSI offering the highest wages. Lohit Bhatia, President of Workforce Management at Quess Corp, stresses enhanced social infrastructure to further women's workforce engagement.
(With inputs from agencies.)
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