EPFO adds 16.9L members in August
economictimes.indiatimes.comjob creation under the Employees' Provident Fund Organisation remained stagnant in August this year at 1.69 million compared to August last year, official data released Friday showed. As per the data, it declined by 10.6% compared to a 1.87 million subscribers addition to EPFO in July this year.
Of the 1.69 million workers added to EPFO in August, 58.3% of the net new workers or 0.92 million were 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.
