More than 50,000 more EPF members were added in June than in July when there were over 10.21 lakh new subscribers. With more than 3.20 lakh new members, the 18 to 21 age group contributed the most in July, followed by the 22 to 25 age group with more than 2.89 lakh.
The EPFO gained 18.23 lakh net members in July 2022, according to the provisional payroll figures. According to payroll statistics, net membership increases increased by 24.48 % in July compared to the same month in 2021, the organization stated in a statement.
The fact that over 57% of those seeking work are young people under 25 is encouraging. According to Mahesh Bhatt, a chief business officer of employment agency TeamLease Services, this shows that first-time job seekers are entering the organized sector in significant numbers and that there is a huge demand for entry- and mid-level positions.
10.58 lakh of the expected 18.23 lakh new workers who entered the labor market in July are now covered by the social security program of the organization that encourages retirement savings. Since April 2022, there has been an increase in EPFO enrollments, the statement continued.
“The IT industry just employed tens of thousands of freshmen. Additionally, in the post-pandemic era, workers who had previously placed a high value on taking their pay in hand have come to see the need for PF as a forced method of long-term savings, according to Daya Prakash, founder of the staffing agency TalentOnLease.
According to official figures, 4.07 lakh EPFO members left the organization in July, a sharp decline. In June, this figure was around 7.79 lakh. In July, 11.72 lakh members left and then returned. As per the EPFO, these persons have decided not to choose a final settlement but rather to maintain their membership through the transfer of monies.
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