Net formal jobs under EPFO up 9.3% at 1.88 million in September: Payroll data
Net formal job creation under the Employees’ Provident Fund Organisation (EPFO) stood at 1.88 million in September, a jump of 9.3% compared to 1.72 million added in September 2023, government data shows.
As per the provisional data, released by the ministry of labour and employment on Wednesday, the retirement fund body witnessed a month-on-month increase of 1.6% when compared to 1.85 million net formal jobs created in August this year.
Net new subscribers added to EPFO stood at 1.41 million in April, 1.51 million in May and 1.67 million in June and 1.99 million in July this year.
As per the data, around 0.95 million new members enrolled during September 2024, which is an increase of 6.2% when compared to September 2023. “This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs,” the ministry said in a statement.
Further, 44.6% of the net new members or 0.84 million added in September 2024 were in the 18-25 age group. “This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers,” it said.
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