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.

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.