October 21, 2022
In August FY22, EPFO job creation reached 1.48 million
About 0.98 million new members have been enrolled under the social security cover of the Employees' Provident Funds & Miscellaneous Provisions Act
Approximately 58% out of the 0.98 million new members belong to the bracket of 18-25 years
Regarding the previous months this year, 1.82 million net new jobs were created in July
Backed by the picking up of economic activities at the start of the festive season, formal job creation under the Employees’ Provident Fund Organisation (EPFO) increased by 14.4% in August FY23 to 1.69 million, compared to 1.48 million in the same month last year.
According to data from EPFO, 0.98 million new members have been enrolled under the social security cover of the Employees’ Provident Funds & Miscellaneous Provisions (EPF & MP) Act for the first time. Media reports said that about 0.71 million members re-joined the organization, and have transferred their previous Provident Fund (PF) accumulations into newer PF accounts.
In terms of age, 58.32% out of the 0.98 million new members belong to the bracket of 18-25 years. Regarding gender, the net enrollment of female members increased by 22.6% in August FY23, compared to the same month last year.
Net member addition in August this year from Uttar Pradesh, West Bengal, Odisha, Jharkhand and Bihar have witnessed a month-on-month (MoM) increase. Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi added 66.44% of the total net payroll addition across all age groups, at 1.13 million net members, according to the report.
Regarding the previous months this year, 1.82 million net new jobs were created in July, 1.83 million in June, and 1.68 million in May.
Source: Economic Times