The number of new monthly subscribers under the employees’ provident fund (EPF) saw a rise of close to 10 per cent to 10.14 million in June, up from 927,703 in May.
(Photo: Ianslife)
As per the latest payroll data released by the Employees’ Provident Fund Organisation (EPFO), the creation of fresh formal jobs increased for the third consecutive month in June, reaching a nine-month high.
This indicates a sustained recovery in the labour markets in the first quarter of FY24.
The number of new monthly subscribers under the employees’ provident fund (EPF) saw a rise of close to 10 per cent to 10.14 million in June, up from 927,703 in May.
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Earlier in September 2022, 10.15 million new subscribers were registered under the EPF.
As per the data, out of the 10.14 million new subscribers, the proportion of young subscribers – aged 18 to 28 – increased to 67.8 per cent at 687,823 in June. This was 66.5 per cent at 616,783 in May.
This is a major demographic development as subscribers in this age group are often entering the labour market for the first time.
Share of women obtaining employment in new jobs increased to 27.7 per cent (281,078) in June, up from 24.9 per cent (231,187) in the previous month.
The net payroll addition, calculated by considering the number of new subscribers, the number of exits, and the return of old subscribers, increased by 28.9 per cent to 1.78 million in June, up from 1.38 million in May.
As stated by the labour ministry, state-wise analysis of the net payroll data shows that the highest net member addition occurred in the five states of Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana.
These states constituted around 60.40 per cent of the net member addition, adding a total of 10.80 lakh members during the month.
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