Key Points
New Delhi: Indias formal job sector saw 19.94 lakh net jobs created in July 2024, as indicated by the number of new subscribers added to the Employees Provident Fund Organization (EPFO), the state-run retirement fund manager..
This is the biggest monthly addition to the organised workforce since the government started tracking payroll data in April 2018, Union labour and employment minister Mansukh Mandaviya said Monday, releasing the EPFOs provisional payroll data...
Mandaviya said that this indicated recovery in the organised labour market, adding that a huge capital expenditure (capex) push as well as support from government initiatives, such as production linked incentives and Startup India, contributed to the growth in jobs in the formal sector...
Addressing a press conference, the labour and employment minister said that it was in the 18-25 age group that the highest-ever growth was observed, with 8.77 lakh net additions in the formal sector..
The provisional payroll data also shows that 3 lakh new female members entered the formal job market in July, reflecting a y-o-y growth of 10.94 percent...
You might be interested in
EPFO adds 16.02 lakh members in January; 8.08 lakh enroll for 1st time
25, Mar, 24EPFO added 16.02 lakh subscribers in January 2024, with a significant influx of youth members. Female participation increased, indicating a shift towards a more inclusive workforce. The data reflects continuous updates since April 2018.
Formal job creation under EPFO down 14.2% to 1.39 million in November, according to payroll data
20, Jan, 24As per the provisional payroll data, released by the ministry of labour and employment, EPFO also registered a decline of 9.15% in formal job creation month-on-month as 1.53 million net new jobs were created in the retirement fund body in October 2023.
EPFO adds 13.4 lakh members in March, 1.39 cr in FY22-23
20, May, 23"During the financial year 2022-23, around 1.39 crore net members have been added by the EPFO with an increase of 13.22 per cent compared to the previous financial year 2021-22 wherein EPFO had added approximately 1.22 crore net members," the statement said.
EPFO adds 1.72 million members in September
20, Nov, 23Payroll data showed that approximately 1.19 million members exited but rejoined EPFO during the month
Formal job creation under EPFO falls in February
20, Apr, 23As per the provisional data, released on Thursday, formal job creation fell slightly when compared month-on-month with net new employees added to the retirement fund body at 1.48 million in January. According to the data, out of 1.39 million subscribers added to EPFO during the month, around 0.73 million new members have come under the ambit of EPFO for the first time.
1.63 million members added to EPFO in May
21, Jul, 23The latest data also reveals that 3,673 establishments extended social security cover of EPFO to their employees during the month
EPFO enrolments surge; 54% of new staff aged 18-25
20, Jun, 23Of the 1.72 million subscribers added in the April, around 847,000 new members have come under the social security cover of Employees‘ Provident Fund & Miscellaneous Provisions Act 1952, for the first time.
Formal job creation under EPFO up 11.9% to 1.56 million in December 2023: Payroll Data
21, Feb, 24As per the payroll data released by the ministry of labour and employment on Tuesday, the year-on-year net new subscribers addition to EPFO was higher by 4.62% when compared to 1.49 million net new subscribers added in December 2022. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFOs outreach programs, the labour ministry said
Formal sector workers under EPFO surge by 13.2% to 13.9 million in 2022-23
21, May, 23Formal sector workers under the Employees Provident Fund Organisation surged by 13.2% to 13.9 million in 2022-23 compared to 12.2 million in 2021-22, shows the provisional payroll data released by the retirement fund body on Saturday.