Key Points
As 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..
Formal job creation under the Employees Provident Fund Organisation went up 11.9% in December to 1.56 million, the highest in the last three months, compared to 1.39 million added in November, shows the provisional payroll data released by the ministry of labour and employment on Tuesday...
As per the data, of the total net subscribers added to EPFO in the month under consideration, 0.84 million are new members, which is highest during the previous three months and is a jump of 14.2% compared to November 2023...
This statistic underscores a notable trend that the majority of individuals joining the organized workforce are youth, primarily first-time job seekers, labour ministry added.. Further, 1.20 million members exited and subsequently rejoined EPFO in December 2023 which is an increase of 12.6% compared to November 2023 and the highest recorded in the past five months...
These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection, the ministry said.. Gender-wise analysis of payroll data shows that out of 0.84 million new members added, around 0.21 million are new female members, the highest recorded addition of female workforce in the last three months and a jump of 7.57% compared to November 2023.. Further, the net female member addition during the month stood at around 0.29 million reflecting an increase of approximately 3.54 % compared to the previous month of November 2023..
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