Key Points
Formal job creation under the Employees Provident Fund Organisation remained static in August this year at 1.69 million compared to August last year while it declined by 10.6% compared to a 1.87 million subscribers added to EPFO in July this year, shows the provisional payroll data released on Friday...
Of the 1.69 million workers added to EPFO in August, 58.3% of the net new workers or 0.92 million were new joinees in the 18-25 years age bracket..
This indicates that most of the first-time job seekers are youth joining the organised sector workforce in large numbers., the ministry of labour and employment said.. Further, around 1.18 million members exited but rejoined EPFO, an increase of 10.2% when compared to last year..
According to the statement issued by the labour ministry, the payroll data also suggests that members exiting the fold of EPFO have declined continuously in the last two months...
Gender-wise analysis of the EPFO payroll data shows that in August, 2023 around 0.34 million female members were added to the workforce out of the 0.92 new employees added to the retirement fund body in the month under consideration..
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