1.82 million formal jobs were created in July, up 24.5% compared to last year

21 Sept 2022 , 09:38 AM

Due to a significant uptick in economic activity, the number of formal jobs created under the Employees' Provident Fund Organisation increased by 24.5% in July to 1.82 million from 1.46 million in July 2021.

However, the EPFO's provisional payroll data, which was issued on Tuesday, indicates a negligible shift in the number of jobs created month over month, with July's figures closely matching June's. In June 2022, 1.83 million formal jobs were created by EPFO, followed by 1.68 million in May and 1.53 million in April.

Around 1.05 million new members have signed up for the social security coverage of the EPF & MP Act, 1952 for the first time out of the total 1.82 million net subscribers acquired during the month, it said.

Instead of requesting a final withdrawal, about 1.17 million net users re-joined EPFO by moving their accumulations from their old PF accounts to their new ones.

According to the statement, "This may be ascribed to many e-initiatives launched by EPFO for seamless and uninterrupted service delivery. But 0.41 million subscribers left EPFO in July as well.

A comparison of payroll data by age reveals that of the 1.05 million new members, 57.69% are between the ages of 18 and 25. This demonstrates that new job seekers are entering the workforce in the organized sector in significant numbers after completing their schooling, and new employment in the industry are predominantly going to the country's youth, according to EPFO.

A study of payroll data by gender reveals that there were 0.41 million net female members in July 2022, which is 34.8% greater than in July 2021.

Additionally, the percentage of female employees who joined EPFO during the month was 27.54%, the highest percentage in the previous 12 months.

With a combined addition of 1.25 million net subscribers during the month, the six states–Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi–continue to lead among the states in terms of formal job creation. This represents roughly 68.36% of the total net payroll addition across all age groups.

A social security agency called EPFO is in charge of giving people covered by the EPF & MP Act, 1952, a number of benefits, including provident funds, pensions, and insurance.

Since April 2018, EPFO has begun publishing payroll information for the period beginning in September 2017.

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