BEWARE OF FAKE INSTITUTES WITH SIMILAR NAMES. blank    blank
banner

EPFO Payroll Data: Employment Insights



  Aug 28, 2023

EPFO Payroll Data


Q: What is the EPFO?

A: The Employees' Provident Fund Organisation (EPFO) is a government agency in India responsible for managing the social security funds of employees in the organized sector. It administers the Employees' Provident Fund (EPF), which is a retirement savings scheme for workers.
 

Q: What is the EPF?

A: The Employees' Provident Fund (EPF) is a savings scheme established under the EPF and Miscellaneous Provisions Act, 1952. It is designed to provide financial security to employees after their retirement. Both employees and employers contribute a percentage of the employee's salary to the EPF.
 

Q: What does the latest EPFO payroll data reveal?

A: The latest data from the EPFO indicates that the creation of new formal jobs increased for the third consecutive month in June, reaching a nine-month high. This suggests a sustained recovery in the labor markets during the first quarter of FY24.
 

Q: How many new subscribers were added to the EPF in June?

A: In June, the number of new monthly EPF subscribers increased by close to 10% to 10.14 million, up from 927,703 in May. In September 2022, 10.15 million new subscribers were registered under the EPF.
 

Q: What is the significance of young subscribers aged 18 to 28 in the data?

A: The proportion of young subscribers (aged 18 to 28) increased to 67.8% at 687,823 in June, up from 66.5% at 616,783 in May. This is noteworthy as it indicates that many individuals in this age group are entering the labor market for the first time.
 

Q: How has the participation of women in employment changed according to the data?

A: The share of women obtaining employment in new jobs increased to 27.7% (281,078) in June, up from 24.9% (231,187) in the previous month.
 

Q: What is net payroll addition, and how has it changed?

A: Net payroll addition is calculated by considering the number of new subscribers, exits, and the return of old subscribers. It increased by 28.9% to 1.78 million in June, up from 1.38 million in May.
 

Q: Which states showed the highest net member addition according to state-wise analysis?

A: The labor ministry reported that the highest net member addition occurred in Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana. Together, these states constituted around 60.40% of the net member addition, adding a total of 10.80 lakh members during the month.


Share:
 

Get a call back

Fill the below form to get free counselling for UPSC Civil Services exam preparation

 
UPSC DAILY CURRENT AFFAIRS

 
Shahpur Kandi Barrage and Water Allocation
 
Explainer:Selection of Astronauts for Gaganyaan Mission
 
Understanding the Household Consumption Expenditure Survey 2024
 
Obelisks: New Discoveries in Human Microbiomes
 
Discovering Obelisks: A New Form of Life
 
India’s Milestone: Completing the ‘10,000 Genome’ Project
 
Wildlife Conflicts in Western Ghats
 
NaMo Drone Didi Initiative
 
Dwarka: Unveiling History and Myth
 
Indian Gharial in Kaziranga
 
Benthic Predators: Masters of the Ocean Floor
 
Guitarfish in India: Conservation and Habitat
 
India's Water Crisis: A Challenge and Path Forward
 
Understanding “Woke”: A Brief History
 
Comprehensive Land Management Policies