According to provisional data, published by the Ministry of work and employment On Sunday, the retirement fund body witnessed a month-on-month drop of 7.03% compared to the 1.99 million net formal jobs created in July this year, which was the biggest addition to the EPFO since the calculation of the data in 2018.
Net new subscribers additions to EPFO stood at 1.41 million in April, 1.51 million in May and 1.67 million in June this year.
According to the data, around 0.93 million new members enrolled during August 2024, representing an increase of 0.48% compared to August 2023. “This increase in new memberships can be attributed to the growth employment opportunitiesincreased awareness about employee benefits and successful outreach programs of EPFO,” the ministry said in a statement.
Furthermore, 43.5% of the net new members or 0.81 million added in August 2024 were in the age group of 18-25 years. “This is in line with the previous trend indicating that the majority of people joining the organized labor force are young people, primarily first-time job seekers,” he said.
He payroll data highlights that approximately 1.35 million members left and subsequently rejoined the EPFO, a year-on-year growth of 14.03% compared to August 2023. “These members changed jobs and rejoined the establishments covered under the ambit of EPFO and chose to transfer their accruals instead of seeking final settlement, thereby safeguarding long-term financial well-being and extending their social security protection,” it said. According to the data, 0.37 million net female members were added to EPFO in August, up 10.4% from August 2023, while 0.25 million new female members were added in the month considered. “The increase in the addition of female members is indicative of a broader shift towards a more inclusive and diverse workforce,” the report said. the ministry said.
Maharashtra, Karnataka, Tamil Nadu, Haryana and Gujarat accounted for 59.1% of the total net member additions in August 2024, with Maharastra It alone contributes 20.1% of the total net members.
According to the ministry, month-on-month comparison of industry data shows significant growth in members in the trade – commercial establishments, engineers, engineering contractors, construction industry, agricultural farms, beedi manufacturing, etc.
Of the total net members, around 40.36% come from specialized services (including labor providers, regular contractors, security services, miscellaneous activities, etc.), it said.
The above payroll data is provisional as data generation is an ongoing exercise, just as updating employee records is an ongoing process.
EPFO has been publishing payroll data since the month of April 2018, covering the period from September 2017 onwards.
In the monthly payroll data, the count of members joining EPFO for the first time through Aadhaar-validated Universal Account Number (UAN), existing members exiting EPFO coverage and those they left but rejoined as members, is taken to arrive at the net monthly figure. payroll.
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