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.
