EPFO logs highest-ever addition of 19.94 lakh members in July
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Marking the highest recorded increase since payroll data tracking began in April 2018, Mansukh Mandavia, Union Labour Minister, said the Employees Provident Fund Organisation (EPFO) added 19.94 lakh net members in July 2024. This highlighted a shift in India’s employment landscape, reflecting the effectiveness of the Modi Government’s transformative schemes aimed at driving job creation and formalising the job market.
Youth employment is leading the surge in formal job creation, with 8.77 lakh young individuals contributing to the net payroll in July 2024 alone. Among these, 6.25 lakh were first-time employees, accounting for 59.41 per cent of total new joinees in the month. This growth can be attributed to initiatives like the National Career Service (NCS), which currently hosts over 20 lakh active vacancies and has registered 33.72 lakh companies, indicating robust hiring across various sectors.
The EPFO data indicated that of the new additions, 10.52 lakh are first-time employees, marking a 2.66 per cent increase over June 2024 and a 2.43 per cent rise compared to July 2023. This uptick in employment showcases an expanding job market and increased opportunities, particularly for youth and women.
