In a positive trend, formal job creation witnessed a substantial rebound under the Employees’ Provident Fund Organisation (EPFO) in November 2022. Provisional data released by the labor ministry on Friday revealed a remarkable growth of 25.6%, adding 1.62 million net new subscribers compared to the 1.29 million added in October 2022.
Year-on-Year Comparison
Comparing year-on-year figures, November 2022 showcased a 16.5% increase in net new additions, with 1.62 million subscribers, compared to 1.39 million in November 2021.
October Decline
The rebound in November comes after a dip of 30.2% in net new subscriber additions in October, which saw 1.29 million additions compared to the 1.68 million in September.
Fiscal Year Overview
Cumulatively, the net new subscribers added to EPFO in the current fiscal year are as follows: 1.29 million (April), 1.21 million (May), 1.42 million (June), 1.55 million (July), and 1.53 million (August).
Demographic Insights
Of the total 1.62 million net subscribers added in November, 0.89 million were new members entering the ambit of EPF & MP Act, 1952 for the first time—a notable increase from October’s 0.728 million. Additionally, 1.12 million net subscribers re-joined by transferring their accumulations from previous PF accounts to the current PF account, rather than opting for final withdrawal.
Age Group Dynamics
The data reveals that among the new members, 0.27 million were in the 18-21 age group, followed by 0.23 million in the 22-25 years age bracket. A significant 56.6% of the total new members belonged to the age group of 18-25 years, signaling a trend of youth employment.
