EPFO data: Highest job creation highest
The Employees' Provident Fund Organisation (EPFO)'s latest payroll data shows a slight dip in the creation of new formal jobs in July. This dip is signaling stagnation in the labour market.
There is decline in new monthly subscribers to the employees' provident fund (EPF) of 1.2% to 1.02 million in July.
Young age subscribers:
The data revealed that of the 1,027,145 new subscribers in July, the share of young subscribers between the ages of 18 and 28 increased to 68.3 per cent (701,543) from 67.5 per cent (701,315) in June.
The significant acceleration in subscription in this age bracket are often entering the labour market for the first time, serving as a barometer for its health.
Women employment:
The proportion of women gaining employment has declined to 26.8 per cent in July from 27.6 per cent in June.
Although a minor slowdown in July, the hiring momentum set up earlier in the financial year is anticipated to sustain in the short to medium term.
EPFO:
Formed: 4 March 1952
HQ: New Delhi
It is the mandatory provident fund administrator and works under the Ministry of Labour and Employment. The Government of India had launched a Universal Account Number (UAN) for employees covered by EPFO to enable Provident Fund number portability in 2014.
Statics:
The information received from the Labour Ministry, about 1.3 million members were exited but rejoined the EPFO in the last 12 months. These exit and rejoined members have opted to transfer their accumulations instead of applying for final settlements. This step will enhance their social security.
Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana are the states which experienced the highest net member additions occurred in. Around 58.78% of the total additions are from these states during the month. The EPFO does not release separate data for new subscribers in individual states.
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