1.69 million formal jobs created under EPFO in August
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.
“These people opted to transfer their accumulations instead of applying for final settlement thus extending their social security protection,” it said.
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. Of these 0.24 million were first time joinees.
State-wise analysis shows Maharashtra, Karnataka, Tamil Nadu, Haryana and Gujarat emerged as the top five states in terms of net member addition. These five states together added 0.99 million net members or 58.6% of the total addition during the month.
Industry-wise data for pan-India shows the maximum number of formal jobs were created in trading-commercial establishments, building and construction, engineer-engineering contractors, textiles etc. Of the total net membership, around 39.8% addition is from expert services consisting of manpower suppliers, normal contractors, security services and
