Key Points
Formal job creation under the Employees Provident Fund Organisation went up by 2.69% in January to 1.62 million as compared to 1.56 million formal jobs created in December, shows the provisional payroll data released by the ministry of labour and employment on Sunday...
As per the data, of the total net subscribers added to EPFO in the month under consideration, 0.80 million are new members...
This indicated that the majority of individuals joining the organized workforce are youth, primarily first-time job seekers, labour ministry said in a statement.. Further, 1.21 million members exited and subsequently rejoined EPFO in January 2024..
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 0.80 million new members added, around 0.20 million are new female members while the net female member addition during the month stood at around 0.30 million...
In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joining as members, is taken to arrive at net monthly payroll..
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