India Employment Report 2024

Source: This post on India Employment Report 2024 has been created based on the article “Youth unemployment rates in India lower Than Global Levels” published in PIB on 26th November 2024.

Why in news?

The India Employment Report 2024 by the Institute for Human Development (IHD) and the International Labour Organisation (ILO) highlights an improved employment scenario in India.

Major Findings of the report

1. Global Youth Unemployment Trends: In 2021, global youth unemployment was 15.6% (ILO’s Global Report Trends for Youth, 2022).

In 2023, the rate decreased to 13.3% (ILO’s World Employment and Social Outlook Trends, 2024).

2. India’s Youth Unemployment: According to the Periodic Labour Force Survey (PLFS) by the Ministry of Statistics and Programme Implementation (MoSPI), India’s youth unemployment rate (ages 15-29) was 10.2% in 2023-24, lower than the global average.

3. Improving Worker Population Ratio (WPR): The Worker Population Ratio (WPR) for youth increased from 31.4% in 2017-18 to 41.7% in 2023-24, indicating growth in employment.

Formal Sector Employment Growth: Over 1.3 crore net subscribers joined the Employees’ Provident Fund Organization (EPFO) in 2023-24.

Between September 2017 and August 2024, 7.03 crore net subscribers joined the EPFO, showcasing increased formalization of employment.

About Institute for Human Development (IHD)

1. The Institute for Human Development (IHD) is a leading Indian research organization established in 1998, focusing on labor, employment, and socio-economic development.

2. It conducts research on issues like informal labor, migration, social protection, and human development, providing policy insights to address inequality and poverty.

3. It is known for its flagship India Human Development Report. IHD collaborates with national and international organizations to promote inclusive growth.

UPSC Syllabus: Report and Index, Indian Economy