Formal job creation under the Employees' Provident Fund Organisation up 18% in Oct

Formal job creation under the Employees' Provident Fund Organisation (EPFO) increased 18.2% year-on-year in October with the addition of 1.53 million net new subscribers.

However, sequentially, formal job creation under the retirement fund body fell by 11% in October compared to the 1.72 million jobs created in September, showed provisional payroll data of EPFO, released on Wednesday.

EPFO registered 1.24 million subscribers in April, 1.12 million in May, 1.35 million in June, 1.57 million in July and 1.49 million in August.


As per the data, 770,000 new members were added to the EPFO in October, a 6.07% rise from a year earlier with 58.6% of the new joinees in the age group of 18-25 years.

"This shows that the majority of the members joining the organised sector workforce are mostly first-time job seekers in this age-group," the ministry of labour and employment said in a statement.

According to the payroll data, 1.11 million EPFO subscribers exited but rejoined the organisation after switching jobs. "They opted to transfer their accumulations instead of applying for final settlement, thus extending their social security protection with EPFO," it said.

"Further, a declining trend in the number of exits has been observed for the last four months with the number of members exiting EPFO in October being the lowest in the last 12 months," it said, without elaborating.