EPFO Payroll Data: In a recent report of EPFO Payroll Data, the net job creation under the Employees’ Provident Fund Organisation (EPFO) marked a figure of 1.88 million in the month of September. This marks a jump of 9.3% compared to 1.72 million in September 2023.
According to government data from the Ministry of Labour and Employment, the retirement fund body witnessed a month-on-month increase of 1.6%, compared to 1.85 million net formal jobs created in August 2024.
The data also shows that around 0.95 million new users were enrolled in September 2024, an increase of 6.2% compared to September 2023.
“This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs,” the ministry said in a statement.
---Advertisement---EPFO Payroll Data: Young Earners Data-
The age group of employees in September 2024 was 18-25, marking 44.6% of the net new members, or 0.84 million in number. “This is in consonance with the earlier trend, which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers,” it said.”
The data highlights approximately 1.41 million members who exited and rejoined EPFO, showing a year-over-year growth of 18.2% compared to September 2023.
“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,” it said.
EPFO Payroll Data: Increase In Female Work Force-
The data also shows an increase in the female workforce, with a 12.1% rise compared to September 2023, while 0.25 million new female members were added in the month under consideration.
“The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce,” the ministry said.
State-Wise Data-
- States that added in the increment are–
- Maharashtra,
- Karnataka,
- Tamil Nadu,
- Haryana,
- Gujarat
These states added 1.13 million net members, making up 59.81% of the total net members in September 2024. The state that is home to dreamers, Maharashtra, contributed 21.2% of the total figure.
The data shows significant growth in the number of members in trading-commercial establishments, the engineering sector, garment-making, and other establishments.
As per the ministry, a month-on-month comparison of industry-wise data displays significant growth in members working in establishments engaged in expert services, trading-commercial establishments, the engineering sector, garment-making, and establishments engaged in cleaning, sweeping services, hospitals, financing establishments, among others. A 41.7% increase comes from expert services, including manpower suppliers, normal contractors, security services, miscellaneous activities, etc.
These states added 1.13 million net members, making up 59.81% of the total net members in September 2024. The state that is home to dreamers, Maharashtra, contributed 21.2% of the total figure.
(Also Read: Buying Diamonds THIS Wedding Season? Follow THESE Govt Guidelines For A Genuine Sparkle!)
