Thursday, December 1, 2022

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EPFO: Good news for unemployed youths, hiring up in organized sectors

EPFO: There is good news for the country in terms of employment. More than 16.82 lakh people were hired in organised sectors across the country in September. According to payroll data from the Employees’ Provident Fund Organization (EPFO), the organisation added over 16.82 lakh members in September. It is 9.14 percent higher than the payroll data for the same month last year.

According to the data, approximately 2,861 new establishments have begun to provide social security coverage to their employees under the Employees’ Provident Fund and Miscellaneous Provisions Act of 1952. It is worth noting that, of the total 16.82 lakh members added in September, approximately 9.34 lakh have joined EPFO for the first time.

According to Labor Ministry data, 2.94 lakh new members are between the ages of 18 and 21, and 2.54 lakh are between the ages of 21 and 25. That is, approximately 58.75 percent of new members are between the ages of 18 and 25. This demonstrates that many first-time job seekers are turning to the organised sector after completing their education. Along with this, the country’s youth are finding new jobs in the organised sector on a large scale.

In September 2022, the number of women members enrolled was 3.50 lakh. This is 6.98% more than in September of last year. Female workforce enrollment was 26.36 percent of total new members joining EPFO during the month of September.

Simultaneously, payroll data analysis shows that the number of EPFO members leaving coverage has been steadily declining over the last three months. In September 2022, approximately 9.65 percent fewer members left EPFO’s jurisdiction than in August.

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