Formal employment generation registered under EPFO increased by 8.9 per cent in June. It reached its record high of 1.83 million in June 2022. Prior to that it was 1.68 million in the month of May. According to the payroll data released by EPFO on Saturday, the number of its subscribers in June 2022 increased by 0.55 million compared to June last year.
According to the data released in June, out of the total 1.83 million people who joined the EPFO, about 1.05 million people joined the social security cover under the EPF & MP Act, 1952 for the first time. At the same time, about 0.78 million people rejoined it by transferring their funds from the previous PF account to the current PF account after exiting it. According to the data released by EPFO, in the month of June, the maximum number of youth in the age group of 22 to 25 joined this social security scheme. Their number stood at 0.47 million.
Releasing the data, EPFO said that these figures show that a large number of first-time job seekers are associated with the organized sector.
According to EPFO data, Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi continue to top in terms of employment generation. About 1.26 million subscribers joined EPFO in the month of June from these six states alone.
This figure is 22.09% of those who joined the social security scheme in the month of June. In the statement issued by the EPFO, it has also been said that these figures are provisional, as the work of debt generation goes on continuously. EPFO has said that the work of updating the records of the employees goes on continuously.
Please note that EPFO releases payroll data from April 2018. It has released data for the period after September 2017.