EPFO adds 16.9L members in August

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. 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

In October, formal job creation under the Employees' Provident Fund Organisation (EPFO) increased by 18.2% year-on-year, adding 1.53 million net new subscribers. However, compared to September's 1.72 million jobs, sequential formal job creation declined by 11%. The EPFO added 770,000 new members in October, a 6.07% rise from the same month last year, with 58.6% of the new joiners in the age group of 18-25 years.

Highest percentage of new female workers also joined in last 11 months.

Provisional payroll data of EPFO, released on Monday, shows 1.72 million net new jobs were created in September compared to 1.69 million added in August this year or 1.68 million added during the same month last year.

Formal 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.

As 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.

Labour ministrys payroll data for EPFO, released on Friday, shows the formal jobs created in August this year were the same as August last year though the net new subscriber addition fell by over 10% month-on-month with 1.87 million subscribers added to the retirement fund body in July this year.

As 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.

Month-on-month comparison of the addition of formal workforce, however, shows an increase of 15.6% with December net employee addition at 1.28 million compared to 1.48 million in January.