( MENAFN - IANS) New Delhi, May 25 (IANS) There has been a decline in annual as well as quarterly unemployment rates since the highs witnessed during the COVID-19 pandemic which has been accompanied by a rise in the share of employment in the organised sector of the Indian economy, according to the latest monthly economic review of the Finance Ministry. The declining unemployment rates have been accompanied by a rising formalisation of employment. There is evidence of increasing net payroll additions under the Employee Provident Fund Organisation (EPFO), with more members rejoining than exiting the social security net, the report states.
The creation of digital identities like Aadhar, registration of unorganised workers on the e-shram portal and registration of MSMEs on the Udyam portal has played a significant role in promoting the formalisation of the economy. As of May 22, 2024, 4.4 crore MSMEs have been registered on the Udyam Portal (including informal enterprises registered on the Udyam Assistance Platform), more than 97 per cent being micro-enterprises.
The EPFO net payroll addition stood at 1.47 crore members during FY24, amounting to a year-on-year rise of 6.3 per cent from 1.
39 crore members in the corresponding period of the previous year. Around 1.08 crore new subscribers were enrolled in FY24, with 56.
7 per cent of the newly joined subscribers being in the age group of 18-25 years, indicating healthy hiring for youth. The relatively high number of members rejoini.
