Job creation under EPFO up by 9.1% in Sept ‘22

Formal jobs under the Employees’ Provident Fund Organisation (EPFO) increased by economic activities picking up during the festive season

November 21, 2022

Jobs under the EPFO reached 1.68 million in September 2022

About 1.54 million members were added in September 2021

Among the 1.68 million members, 0.93 million new members have been enrolled under the social security cover of EPF & MP Act

The number of female enrollers in September FY23 stood at 6.98% higher than the previous month’s figures, at 0.35 million

India’s formal job creation under the Employees’ Provident Fund Organisation (EPFO) increased by 9.1% in September FY23 to 1.68 million, on the back of economic activities picking up during the festive season, according to preliminary data from EPFO. About 1.54 million members were added in the same month last year.

Media reports said that EPFO in 2022 had created 1.65 million jobs in July, 1.48 million in June 2022, 1.25 million in May 2022 and 1.32 million in April. Among the 1.68 million members, 0.93 million new members have been enrolled under the social security cover of EPF & MP Act, for the first time. 

The data said that 0.75 million net subscribers re-joined EPFO by transferring their accumulations from the previous Provident Fund (PF) account to the current PF account. Also, the number of individuals exiting EPFO’s coverage has decreased. Compared to August 2022, about 9.65% fewer members exited EPFO during September 2022.

Regarding age, about 58.75% of the new members fell in the 18-25 age bracket. Experts said that first-time job seekers are joining the organized sector workforce in large numbers, after being graduated.  

The number of female enrollers in September FY23 stood at 6.98% higher than the previous month’s figures, at 0.35 million. The female workforce created under EPFO in September FY23 stood at 26%. 

Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi employed the most net members in September 2022 at about 1.13 million, which is 67.85% of the total net payroll addition across all age groups. Additionally, Uttar Pradesh, West Bengal, Odisha, Jharkhand and Bihar have been expected to have seen month-on-month (MoM) growth in net member addition.

 
Source: Economic Times

Recent Articles

India bucks trend with steel production surge amid global decline

May 23, 2024

In April, India emerged as the only country among the …

Read More

India to launch custom AI model with INR 2,000 cr. investment

May 22, 2024

The Union government plans to develop its foundational artificial intelligence …

Read More

India to boost wind energy capacity by 25 GW by 2028

May 22, 2024

India is set to substantially increase its wind energy capacity, …

Read More