Mumbai, Sep 8 (PTI) The country's informal labour force is slowly moving towards formalisation as the Employees' Provident Fund Organization (EPFO) recorded the highest-ever enrolment in 2024-25, driven
by young additions to the workforce, a report said on Monday.
While 80 per cent of India's 570 million workers are still in the informal economy, formalisation is steadily gaining momentum, a report by Quess Corp on "India's Workforce Trends and Quess Corp Role in Formalisation" has revealed.
It stated that the EPFO recorded 139.78 lakh net new subscribers in FY25, its highest ever, which is over double the 61 lakh enrolments seen in FY19.
Quess contributed 1.33 lakh new Universal Account Numbers during the year, which represents about 1 per cent of all national additions, it added.
According to the report, 61 per cent of all new EPFO subscribers in FY25 were under 29 years of age, with nearly half of them between 18 and 25 years.
It revealed that formal jobs are increasingly becoming the first career step for young Indians, helping build long-term productivity and career pathways.
This report by Quess Corp on "India's Workforce Trends and Quess Corp Role in Formalisation" is based on primary research with a sample size of 6 lakh people.
Meanwhile, the report found that India's women labour force participation rose to 41.7 per cent in FY25, with women accounting for a quarter of new EPFO subscribers during the year.
The report further revealed that retail, BFSI, manufacturing and telecom are the top four industries leading to job creation.
In 2024-25, Quess placed the highest number of employees in retail, employing 1.03 lakh associates, of which 43,000 were new UANs (universal account numbers).
Quess' payroll data also indicates that manufacturing jobs have increased at a CAGR of 32 per cent in the last four years, the sector with the fastest hiring growth rate.
In terms of wage, the report revealed that BFSI offered the highest average salary packages at Rs 28,500 per month, followed by retail at Rs 23,000 per month.
"To increase women's participation in the workforce, there must be greater focus on social infrastructure, such as safe accommodation and reliable transportation facilities addressing mobility and safety concerns," Quess Corp President, Workforce Management, Lohit Bhatia, said. PTI SM TRB
