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Tag: EPFO Data

  • EPFO Reports Highest Monthly Payroll Additions In July 2024 | Personal Finance News

    New Delhi: The Employees’ Provident Fund Organisation (EPFO) has reported its highest-ever monthly payroll addition in July 2024, with a 19.94 lakh members joining the ranks.

    This highlights a shift in India’s employment landscape, reflecting the effectiveness of the Modi Government’s transformative schemes aimed at driving job creation and formalising the job market.

    The EPFO data indicates that of the new additions, 10.52 lakh are first-time employees, marking a 2.66 per cent increase over June 2024 and a 2.43 per cent rise compared to July 2023. This uptick in employment showcases an expanding job market and increased opportunities, particularly for youth and women.

    India’s massive push toward economic growth and job creation has been bolstered by key government initiatives like the Production Linked Incentive (PLI) Scheme, the Startup India movement, the Employment Linked Incentive Scheme, and significant capital expenditure (Capex) drives.

    Year-wise net payroll additions further underscore the progress being made: in 2022-23, there were 138.52 lakh net additions, while in 2023-24, this number was 131.48 lakh.

    Youth employment is leading the surge in formal job creation, with 8.77 lakh young individuals contributing to the net payroll in July 2024 alone.Among these, 6.25 lakh were first-time employees, accounting for 59.41 per cent of total new joiners in the month. This growth can be attributed to initiatives like the National Career Service (NCS), which currently hosts over 20 lakh active vacancies and has registered 33.72 lakh companies, indicating robust hiring across various sectors.

    A key highlight of July 2024 is the rise in female workforce participation. The data shows that 4.41 lakh women joined the formal sector in July, with 3.05 lakh being new joinees.The net female workforce grew by 14.41 per cent, while the number of new female members increased by 10.94 per cent. This substantial rise in female employment reflects the government’s focus on improving access to education, skill development programs, and support services like working women hostels.

    Industry-wise, the top sectors driving the highest net payroll additions in July 2024 include manufacturing, marketing services, the usage of computers, and building and construction.These industries collectively accounted for over 2 lakh new members, while other sectors such as expert services, electronic media companies, and banks also contributed to the rising employment numbers.  

  • EPFO Adds 14.41 Lakh Members In March, 57 Per Cent Are Youths In New Jobs | Personal Finance News

    New Delhi: The Employees’ Provident Fund Organisation (EPFO) payroll data released on Monday shows that as many as 14.41 lakh net members in March this year, reflecting the increased employment created in the country’s organised sector during the month.

    The data indicates that around 7.47 lakh new members have been enrolled during March out of which the 18-25 age group constitutes a dominant 56.83 per cent. This indicates that “the majority of individuals joining the organised workforce are youth, primarily first-time job seekers,” according to the official statement.

    Gender-wise analysis of payroll data unveils that out of 7.47 lakh new members, around 2 lakh are new female members. Also, the net female member addition during the month stood at around 2.90 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce, the statement added. (Also Read: 7th Pay Commission: Setback For Govt Employees; 25% Increase In Gratuity Due To Da Hike Kept On Hold By EPFO)

    The payroll data highlights that approximately 11.80 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.

    Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the manufacture, marketing services, usage of computers, restaurants, chartered, fish processing and non-veg food preservation, Beedi making etc.