Formal job creation up by 8.9% in June: EPFO data

In May 2022, it was 1.68 million

August 22, 2022

The total number of new subscribers added to the Employees’ Provident Fund Organisation (EPFO) was higher by 0.55 million, as compared to June 2021

Around 1.05 million new members, out of the 1.83 million, have been enrolled under the social security cover of EPF & MP Act for the first time

In terms of age, people falling in the 22-25 years bracket registered the highest number of net enrolments of 0.47 million during June

The new enrolment during June 2022 is higher than the monthly average recorded during FY21

Formal job creation under the Employees’ Provident Fund Organisation increased by 8.9% in June 2022, standing at a record high of 1.83 million as compared to 1.68 million subscribers in May 2022. Net new subscribers added to EPFO in June were 0.55 million more than June 2021, reflecting a steady rise in formal job creation under the retirement fund body, according to the provisional payroll data released by the EPFO.

Around 1.05 million new members, out of the 1.83 million, have been enrolled under the social security cover of EPF & MP Act for the first time. About 0.78 million net subscribers exited but re-joined EPFO by transferring their accumulations from the earlier PF accounts to the current PF accounts.

In terms of age, people in the 22-25 years bracket, registered the highest number of net enrolments of 0.47 million during June this year.

The EPFO said that many first-time job seekers are joining the organized sector workforce in large numbers. 

In terms of States, Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi had the most registrations for formal job creation, with all of them collectively adding about 1.26 million subscribers during the month, which is around 68.66% of the total net payroll addition across all age groups.

The data also shows that net female payroll addition is approximately 0.41 million during the month, which is 22.09% of the total net subscriber addition during June.

The EPFO further added that the new enrollment during June 2022 is higher than the monthly average recorded during FY21.

Recent Articles

Govt reduces FAME-II Subsidies for electric two-wheelers

May 30, 2023

The Ministry of Heavy Industries (MHI) has reduced the number …

Read More

Goa G-20 meet to establish a common framework for startups

May 30, 2023

Next month, the G-20 member countries are aiming to establish …

Read More

UPI transactions to reach 1 bn daily by FY27: Report

May 29, 2023

India’s United Payments Interface (UPI) transactions are expected to reach …

Read More