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Formal job creation slows down in January, EPFO data reveals

<h2>Among the total new EPF subscribers in January, the proportion of young individuals aged 18-28 also witnessed a slight decrease, falling from 67.17% in the previous month to 66.4%</h2>

The formal labor market witnessed a slowdown in January, with a notable decrease in the creation of new jobs, according to the latest data released by the Employee Provident Fund Organisation or EPFO.
The data revealed a decline of nearly 4% in the number of new monthly subscribers under the Employees&rsquo; Provident Fund or EPF, dropping from 840,584 in December 2023 to 807,865 in January 2024.
Comparatively, in January last year, 830,047 subscribers joined the EPF. Among the total new EPF subscribers in January, the proportion of young individuals aged 18-28 also witnessed a slight decrease, falling from 67.17% in the previous month to 66.4%. Retirement fund body EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday.
Around 8.08 lakh members were enrolled for the first time in January 2024, a labour ministry statement said on Sunday.
The Employees'' Provident Fund Organization's (EPFO) provisional payroll highlighted that the EPFO has added 16.02 lakh members on a net basis in January 2024, the ministry said.
A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.41 per cent of the total new members added in January 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
The payroll data highlighted that approximately 12.17 lakh members exited and subsequently rejoined EPFO.
These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection, it stated.

TeamLease Digital Business Head Krishna Vij has mentioned that only 45% of the engineering graduates of this year fulfil the market criteria and employers prefer mid level professionals

Only 10% of engineers graduating this year may be hired in India: Report

<h2>TeamLease Digital Business Head Krishna Vij has mentioned that only 45% of the engineering graduates of this year fulfil the market criteria and employers prefer mid level professionals</h2>

Only 10% of the 1.5 million engineers graduating this financial year are expected to be hired in India, TOI reported citing a study. This due to the macroeconomic challenges pushing IT companies to slash fresher hiring by 35-40% compared to the previous financial year.
<h3>Engineering Graduates Hiring</h3>
Hiring of engineering graduates is likely to reach pre-pandemic levels, with 160,000 freshers expected to get hired as compared to 2,30,000 recruited in FY23, according to a report by tech staffing and solutions provider TeamLease Digital. The drop in hiring is due to employer's upper hand in the employment market.
Also Read: <a href="https://www.editorji.com/business-news/campus-hiring-engineering-students-stare-at-a-tough-placement-season-1695012663796">Campus Hiring: Engineering students stare at a tough placement season</a>
TeamLease Digital business head Krishna Vij said that employers prefer mid-level professionals with seven to 12 years of experience over recruiting freshers. She also mentioned that just around 45% of the total engineering graduates this year fulfil market criteria and that skill criteria will be critical.
"With evolving job dynamics, companies are looking for talent that comes with a combination of soft skills like communication, problem-solving, teamwork, emotional intelligence along with technical proficiency in programming languages, software development methodologies, cloud computing and data analytics," she added.
She continued that freshers can up their hiring chances by focusing on continuous learning and upskilling in areas such as data science, AI &amp; machine learning, and cybersecurity.
Fresher hiring had peaked to 4,00,000 and attrition levels had surged to over 30% in FY22 as businesses across sectors embarked on a digital transformation journey. Currently, the attrition rate has dropped to an average of 16-18%.&nbsp;
However Vij also said that there is a silver lining. She mentioned that demand is opening up in alternate sectors with global capability centres.
"Demand is opening up in alternate sectors with global capability centres [GCCs], and non-tech sectors like BFSI [banking, financial services and insurance], media, retail and consumer business, life-sciences &amp; healthcare, engineering R&amp;D as well as energy expanding entry-level hiring," said Vij.

As the attrition rate in FY23 is expected to be 50-60%, private banks are planning to hire over 50,000 freshers for entry-level roles

Private Bank Recruitment: Over 50,000 junior officers to be hired to battle FY23 attrition

<h2>As the attrition rate in FY23 is expected to be 50-60%, private banks are planning to hire over 50,000 freshers for entry-level roles</h2>

Bank Recruitment:&nbsp;Private banks are looking to hire over 50,000 employees for entry-level roles over the coming year to battle high attrition rate, reported Mint. As per the report, the lenders are facing infant mortality, which means &nbsp;just-recruited employees leaving for logistics, delivery-services and other firms.&nbsp;
Since recruiting from the markets is expensive, the banks are hiring from campuses in large numbers.&nbsp;
&ldquo;Banks will hire about 50,000 people in junior positions, including from campuses, over the next one year," Upasana Agarwal, partner (professional and financial services), ABC Consultants told Mint. ABC Consultants is an executive search and talent advisory firm.
<h3>Attrition Rate</h3>
Mint further quoted Agarwal and said that the attrition at the juniormost levels can be as high as 50-60%. &ldquo;Attrition at the juniormost levels can be as high as 50-60% and campus hiring enables a firm to be talent-ready. These models allow hiring in bulk rather than bringing talent in a fragmented manner," Agarwal told Mint.
Also Read: <a href="https://www.editorji.com/business-news/bank-salary-psb-employees-may-get-hike-and-5-days-work-week-by-mid-december-1701175722604">Bank Salary: PSB employees may get hike and 5-days work week by mid-December</a>
While HDFC bank the largest private sector lender in India saw an attrition rate of 34.15% in FY23 so far, IndusInd Bank saw 51% attrition and ICICI Bank 30.9%. Mint quoted experts and said that the impact of attrition is more potent in the long term than in the short term.
&ldquo;While it is difficult to dissect the impact of such things on the short-term performance of an institution, in the long term it can potentially impact the quality of the talent pool within the organization, its growth and profitability prospects," Anil Gupta, senior vice-president and co-group head, Icra told Mint.
<h3>Private Bank Hiring</h3>
The report quoted Axis Bank's Human Resource president and head Rajkamal Vempati who said that the private bank is planning hire about 12,000 from campuses from the batch of 2024. This is 4 times more than last year when it hired only 3,000 people from campus and academic programs.&nbsp;
&ldquo;Axis Bank will hire about 12,000 from campuses from the batch of 2024 &ndash; four times more than last year. This is across tier 1, 2 and 3 institutions. For every skill we have a campus feeder programme," Rajkamal Vempati, president and head of human resources, Axis Bank told Mint.
The spike in hiring will be seen in profiles such as lending, corporate and branch banking, as well as roles in information technology (IT) and analytics.
As per banking recruiters quoted by Mint, banks are offering about ₹5 lakh in tier 2 and 3 colleges, and this can rise to ₹8 lakh if the candidate has digital skills. Salaries in premier business schools range from ₹20-30 lakh and those in the better-known engineering colleges range from ₹15-20 lakh
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The number of new monthly subscribers of EPFO rose by 10% to 10.14 million in June from 9,27,703 in May reaching a nine month high

Formal job creation hits 9 month high in June: EPFO

The number of new monthly subscribers of EPFO rose by 10% to 10.14 million in June from 9,27,703 in May reaching a nine month high

Fresh formal job creation has risen for the third consecutive month in June. Signalling a sustained recovery in the labour markets in the first quarter of FY24 the job creation has reached a nine month high. This as per the latest payroll data released by the Employees' Provident Fund Organisation (EPFO).
The number of new monthly subscribers of EPFO rose by 10% to 10.14 million in June from 9,27,703 in May. September 2022 saw the highest new subscribers before this registering 10.15 million under the EPF.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/smartphone-makers-likely-to-create-60-000-jobs-in-next-6-12-months-1692266286633">Smartphone makers likely to create 60,000 jobs in next 6-12 months</a>
Out of the 10.14 million new subscribers, the number of young subscribers aged between 18-28 years has increased to 67.8% in June from 66.5% in May. Similarly, the share of women obtaining employment in new jobs increased to 27.7% at 2,81,078 in June, up from 24.9% at 2,31,187 in the previous month. &nbsp;&nbsp;
The net payroll addition increased by 28.9% to 1.78 million in June, up from 1.38 million in May. The net payroll addition is calculated by considering the number of new subscribers, the number of exits, and the return of old subscribers.&nbsp;
A state-wise analysis of the net payroll data shows that the highest net member addition occurred in the five states of Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana. Together, these states constituted around 60.4% of the net member addition, adding a total of 10.80 lakh members during the month, as stated by the labour ministry.

Even though candidates with technical skills are sought after by EV startups, MBA graduates with at least 2 years of experience in automobile industry are also in demand as the companies are going big on offline showrooms

Startups hiring now: EV companies on a hiring spree, experienced candidates in demand

Even though candidates with technical skills are sought after by EV startups, MBA graduates with at least 2 years of experience in automobile industry are also in demand as the companies are going big on offline showrooms

Electric Vehicle startups are on a hiring spree, with experienced candidates in high demand. The rise in hiring comes as the companies are looking to support the growing EV revolution.&nbsp;
As per Money control, both manufacturers and solution providers have ramped up hiring. Startups are looking to hire people with an original equipment manufacturer (OEM) background among other specialties.&nbsp;
Candidates with technical skills and expertise in design, compliance testing, battery technology, and software development are the most sought after. Based on the candidate's years of experience, companies are willing to offer an increment of 10% to 40% while hiring them.&nbsp;&nbsp; As per Moneycontrol, manufacturers like PMI Electro, Raptee, Odysse Electric Vehicles, Aarya Automobiles, e-Sprinto, and Motovolt Mobility, among others, are hiring between 50 to 120 candidates across verticals as they ramp up production and target new markets.
Manufacturers are mostly looking for candidates who are electrical engineers, battery technologists with expertise in cell manufacturing, battery management systems, and knowledge of relevant industry standards.
PMI Electro is planning to hire around 100-120 employees in the coming months as the e-bus market in India is growing and the company is establishing a new plant in Chakan.&nbsp;
Meanwhile, EV solutions providers have more specific skill requirements. They are looking for candidates including recent graduates who have worked on projects that have entailed working with SAE, BAJA, or working on Formula E.
SAE is an EV standards body, and BAJA is an EV design competition. Formula E is a racing championship for EVs.
MBA candidates are also in demand, as companies are opening more showrooms across the country. However, the companies are looking for candidates with at least 2 years of experience in automobile sector.&nbsp;
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Mitsubishi Electric has planned to invest $ 231.2 million in Tamil Nadu that would create over 2000 jobs

Japan's Mitsubishi Electric Corp to create over 2,000 jobs via investment in Tamil Nadu

Mitsubishi Electric has planned to invest $ 231.2 million in Tamil Nadu that would create over 2000 jobs

Japan's Mitsubishi Electric corp has planned to invest $ 231.2 million to set up a manufacturing unit in Tamil Nadu. As per Mitsubishi Electric India , this will create about 2,004 jobs. The investement will be through 100% foreign direct investment.
Tamil Nadu's Chief Minister, MK Stalin has laid the foundation stone for the factory in Thiruvallur district on Tuesday. As per Economic Times, top officials of Mitsubishi Electric India entered into a memorandum of understanding with the Guidance TN promoted by the state government. The company also said 60% of the workforce would be women.&nbsp;&nbsp;
The manufacturing unit for air-conditioners and compressors is expected to be built over a 52 acre land. This land is owned by&nbsp;Mahindra in Peruvoyal village, Gummidipoondi Taluk in neighbouring Thiruvallur district.
As per the officials, the commercial production is expected to begin from October 2025. About 3 lakh units of air conditioners and 6.5 lakh of compressors will be manufactured by December 2025.
The company also said that, the manufacturing unit will meet sustainable development goals by implementing various initiatives for carbon neutrality including minimisation of carbon dioxide emissions through enhanced thermal insulation, use of highly efficient air-conditioning and heated water systems. Water will also be reused through underground filtration treatment and site greening
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Bharti Enterprises vice chairman Akhil Gupta points out that if the aim is to provide jobs then the investment must be made to go into areas that create jobs.
Taking the example of the telecom sector and the upcoming 5G auctions, Gupta says the national digital communication policy says that maximising revenue is not the aim of the government. Then why is it that the 5G reserve prices are so high? Gupta asks.
&ldquo;Make them nominal and put stringent roll out conditions, which means that the capital that the industry puts in will have to go towards creation of that infrastructure leading to job creation. The government will get revenue on the basis of revenue share,&rdquo; Gupta adds.

Budget 2022: If aim is job creation, investment should go to those areas, says Akhil Gupta

Bharti Enterprises vice chairman Akhil Gupta points out that if the aim is to provide jobs then the investment must be made to go into areas that create jobs.

Investment should go to areas that create jobs, says Akhil Gupta

National digital communication policy says that maximising revenue is not the aim of the government

Bharti Enterprises vice chairman Akhil Gupta points out that if the aim is to provide jobs then the investment must be made to go into areas that create jobs.
Taking the example of the telecom sector and the upcoming 5G auctions, Gupta says the national digital communication policy says that maximising revenue is not the aim of the government. Then why is it that the 5G reserve prices are so high? Gupta asks.
&ldquo;Make them nominal and put stringent roll out conditions, which means that the capital that the industry puts in will have to go towards creation of that infrastructure leading to job creation. The government will get revenue on the basis of revenue share,&rdquo; Gupta adds.

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