12.94 lakh new people came under the purview of EPFO, what are the indications regarding employment?
EPFO added 21,026 more subscribers in October as compared to the same period last year. The Ministry of Labor informed us about this on Tuesday. 2.19 lakh people in the age group of 18-21 years have joined EPFO for the first time.
Highlights
⏩ In October, 1.91 lakh women joined EPFO for the first time.
⏩ In this month, the total number of women associated with EPFO was 2.63 lakh.
⏩ EPFO is one of the largest social security organizations in the world.
New Delhi. Employees’ Provident Fund Organization (EPFO) added 12.94 lakh, new subscribers, in October. The Ministry of Labor gave this information on Tuesday. About 2,282 new establishments have started complying with the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 for the first time and are providing social security to their employees, the ministry said in a statement. In the common language, people were already doing jobs here, but now for the first time they will come under the ambit of EPFO.
If the payroll figures are compared on an annual basis, then compared to October 2021, this time there has been a net increase of 21,026 in the number of shareholders. As per the provisional payroll data of EPFO, a total of 12.94 lakh subscribers have been added during October. Of these, 7.28 lakh new members have come under the social security net of EPFO for the first time. The maximum number of 2.19 lakh new subscribers is in the age group of 18 to 21 years. At the same time, 1.97 lakh new shareholders in the age group of 22 to 25 years have been added. In this way, 57.25 percent of the total new shareholders are in the age group of 18-25.
5.66 lakh people reconnected
This month, 5.66 lakh subscribers also joined who were earlier members of EPFO but then left the job and joined the job again and then joined EPFO. In October 2022, 2.63 lakh women members were also added to EPFO. Of these, 1.91 lakh women are associated with EPFO for the first time. State-wise, EPFO subscribers have increased on a net basis in Kerala, Madhya Pradesh, and Jharkhand on a month-on-month basis.
What signals for employment
Subscribers joining EPFO for the first time indicate 2 things. The first is that he was already in employment but his company has now come under the purview of EPFO. This shows that the work of companies has increased and they have to hire more people. Explain that a company comes under the purview of EPFO only when it has more than 20 employees. Second, it also gives you an idea of employment. It is possible that those who join EPFO for the first time have also started the job for the first time. That’s why it is also seen as an indicator of a decrease or increase in employment.
