Fresh formal job creation declined in November: EPFO – Gudstory

According to the latest monthly payroll data released by the Employees’ Provident Fund, in November 2023, the number of new monthly subscribers under the Employees’ Provident Fund (EPF), an indicator of job creation, stood at 736,015, up from 772,084 in October. Organization (EPFO) on Thursday… According to the latest data, new monthly subscribers under EPF were 940,000 in April, 954,000 in May, 1.07 million in June, 1.09 million in July, 977,000 in August and 944,000 in September.

The data showed that women in the organized workforce increased by 194,000 in November.

A significant portion of the new members, representing 57.3%, were youth workers between the ages of 18 and 25.

Among states, Maharashtra, Tamil Nadu, Karnataka, Haryana and Delhi witnessed the highest increase in the workforce during November. Meanwhile, EPFO ​​added 1.39 million net members during November.

In the monthly payroll data, the number of members joining EPFO ​​for the first time through Aadhaar-validated Universal Account Number (UAN), existing members who exited the coverage of EPFO ​​and those who exited but rejoined as members. are added as net monthly payroll. ,

These top five states together enrolled 820,000 net members during November, accounting for 58.8% of the net increase. Month-on-month comparison of industry-wise data revealed a significant increase in members working in agricultural farms, coffee plantations, sugar, rubber plantations and tiles sectors.

Of the total net membership, about 41.94% growth is from specialist services (manpower suppliers, general contractors, security services and miscellaneous activities).

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Published: Jan 25, 2024, 10:26 pm IST