EPFO: Record increase in EPFO members in July 2024, 10.52 lakh people connected for the first time

New Delhi| The Employees’ Provident Fund Organisation (EPFO) reported the highest ever addition on a monthly basis in July 2024. According to EPFO data, 19.94 lakh people have joined it during July 2024. According to EPFO, this figure reflects the change in India’s employment scenario.

According to the central agency, this figure shows the impact of the transformative schemes run by the Modi government to promote employment generation and formalize the job market. According to the data, among the people associated with EPFO in July, there are 10.52 lakh employees who have joined for the first time. This figure is up 2.66 percent from June 2024 and 2.43 percent from July 2023.

This upturn in employment indicates an expanding job market and increased opportunities, particularly for young people and women. Employment has increased due to expenditure on Production Linked Incentive Scheme (PLI), Startup India Movement, Employment Linked Incentive Scheme and Capex related schemes, the country’s development has gained momentum.

Talking about increase in net payroll on year-wise basis, in 2022-23, 138.52 lakh were linked to EPFO. At the same time, in 2023-24, this number increased to 131.48 lakh. Youth have benefited the most from the surge in formal job creation. In July 2024, 8.77 lakh youth joined EPFO. Of these, 6.25 lakh are associated with it for the first time. This is 59.41 percent of the total youth associated with EPFO this month. This growth can be attributed to initiatives such as the National Careers Service (NCS). There are currently over two million active vacancies and 33.72 lakh companies have registered in it, indicating strong recruitment in various sectors.

The number of women associated with EPFO in July 2024 is worth noting. Data shows that 4.41 lakh women joined the formal sector in July, of which 3.05 lakh joined for the first time. According to EPFO data the net female workforce increased by 14.41 per cent, while the number of new female members increased by 10.94 per cent.

This significant increase in female employment reflects the Government’s focus on improving access to support services such as education, skills development programmes and working women’s hostels. According to the industry, the top sectors with the highest net payroll growth in July 2024 include manufacturing, marketing services, computer use and building-construction. These industries collectively added more than 2 hundred thousand new members, while other sectors such as specialist services, electronic media companies and banks also contributed to the increase in employment numbers.