Revival in job market? EPF net additions increase 31% to 14.6 lakh in July – Times of India
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NEW DELHI: The Employee Provident Fund Organisation (EPFO), which released its provisional payroll data on Monday, stated that it added around 14.6 lakh net subscribers in July this year.
“Net subscriber addition has increased by 31.28% (in July) as compared to the previous month when total additions were 11.16 lakh,” a labour ministry statement said. It added that out of the 14.6 lakh net subscribers, around 9 lakh new members have come under the EPFO’s social security umbrella for the first time. Also, around 5.6 lakh net subscribers who had exited the EPFO rejoined later.
The data also reflects that in July, the number of members who joined EPFO for the first time increased by 6%, those who rejoined increased by around 9%, and those who exited decreased by 36.8% as compared to the previous month.
Age-wise comparison of payroll data shows that the age group of 22-25 years has registered the highest number of net enrolments with 3.9 lakh additions during the month of July. This is followed by the age group of 18-21 with around 3.3 lakh net enrolments. This indicates many first-time job seekers are joining the organised sector workforce in large numbers and have contributed around 48.8% of total net subscriber additions in July 2021.
“State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are in lead by adding approximately 9.2 lakh subscribers during the month, which is around 62.6% of total net payroll addition across all age groups,” the statement added.
“Net subscriber addition has increased by 31.28% (in July) as compared to the previous month when total additions were 11.16 lakh,” a labour ministry statement said. It added that out of the 14.6 lakh net subscribers, around 9 lakh new members have come under the EPFO’s social security umbrella for the first time. Also, around 5.6 lakh net subscribers who had exited the EPFO rejoined later.
The data also reflects that in July, the number of members who joined EPFO for the first time increased by 6%, those who rejoined increased by around 9%, and those who exited decreased by 36.8% as compared to the previous month.
Age-wise comparison of payroll data shows that the age group of 22-25 years has registered the highest number of net enrolments with 3.9 lakh additions during the month of July. This is followed by the age group of 18-21 with around 3.3 lakh net enrolments. This indicates many first-time job seekers are joining the organised sector workforce in large numbers and have contributed around 48.8% of total net subscriber additions in July 2021.
“State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are in lead by adding approximately 9.2 lakh subscribers during the month, which is around 62.6% of total net payroll addition across all age groups,” the statement added.
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