India's Formal Job Sector Booms, Projected to Add 14.5 Million Jobs by 2024-25, Driven by Wage Digitization
India's formal job sector is experiencing a significant boom, with forecasts suggesting a remarkable 14.5 million net additions in the fiscal year 2024-25, surpassin
India's formal job sector is experiencing a significant boom, with forecasts suggesting a remarkable 14.5 million net additions in the fiscal year 2024-25, surpassing previous records. The growth comes despite a slight decline in new EPFO registrations, which experts attribute to a lack of incentives. However, the trend towards increased formalization, fueled by the digitization of wages, is driving job creation in the country. Government schemes such as employment-linked incentives are anticipated to play a crucial role in encouraging more businesses to register formally, further boosting the job market.