Centre's Rs 99,446-Crore Plan Fuels Job Boom: 1.4 Crore Join Formal Economy
GS3Economy · S&T · Environment · Security· Employment & inclusive growth· Prelims + Mains·
Why in news
The EPFO reported a record 1.40 crore new subscribers in FY25, signaling a significant shift toward formalization of the Indian workforce driven by the PM-VBRY scheme.
Background
The EPFO recorded 1.40 crore net new subscribers in FY25, more than double the FY19 figures. The Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY) aims to generate over 3.5 crore jobs. Young workers (18-25) constitute nearly 60% of these new subscribers.
Facts for Prelims
- FactEPFO recorded 1.40 crore net new subscribers in FY25
- FactYoung workers aged 18-25 comprise nearly 60% of new EPFO subscribers
- FactWomen represent approximately one-fourth of new EPFO subscribers
- SchemePM-VBRY aims to generate over 3.5 crore jobs
- FactNew EPFO subscribers in FY25 are more than double the count in FY19
For Mains
Q. Discuss the significance of the increasing formalization of the Indian workforce and the role of social security frameworks in achieving inclusive economic growth.
Dimensions to cover in your answer
- Demographic dividend: Leveraging the 18-25 age group through formal job creation and social security
- Regulatory simplification: Impact of the four Labour Codes on ease of compliance for MSMEs
- Gender parity: Addressing the structural barriers to female participation in the formal economy
Keywords: Formalization · Social Security · Demographic Dividend · Labour Reforms · Inclusive Growth
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