EPFO created 11.4% more formal jobs in 2023-24 at 15.4 million, shows payroll data.

National

Formal job creation under the Employees’ Provident Fund Organisation went up by 11.4% in 2023-24 to 15.4 million as against 13.85 million formal jobs created in 2022-23, shows the government data. Provisional payroll data, released by the retirement fund body on Monday, shows 1.44 million net members were added to EPFO in March, 2024 vis-a-vis 1.54 million added in February. According to the ministry of labour and employment, the March data shows 0.74 million new members were added during the month under consideration with new members joining EPFO in the 18-25 age group constituting 56.83% of the total new members added in March 2024.


      “This indicates that the majority of individuals joining the organized workforce are youth, primarily first-time job seekers,” the ministry said in a statement.

      Gender-wise analysis of payroll data shows that out of 0.74 million new members, around 0.2 million are new female members while the net female member addition during the month stood at around 0.29 million.

     

 

     


about EPFO

Ms. Neelam Shami Rao -CPFC
          ____________________________