Fresh formal job creation has risen for the third consecutive month in June. Signalling a sustained recovery in the labour markets in the first quarter of FY24 the job creation has reached a nine month high. This as per the latest payroll data released by the Employees' Provident Fund Organisation (EPFO).
The number of new monthly subscribers of EPFO rose by 10% to 10.14 million in June from 9,27,703 in May. September 2022 saw the highest new subscribers before this registering 10.15 million under the EPF.
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Out of the 10.14 million new subscribers, the number of young subscribers aged between 18-28 years has increased to 67.8% in June from 66.5% in May. Similarly, the share of women obtaining employment in new jobs increased to 27.7% at 2,81,078 in June, up from 24.9% at 2,31,187 in the previous month.
The net payroll addition increased by 28.9% to 1.78 million in June, up from 1.38 million in May. The net payroll addition is calculated by considering the number of new subscribers, the number of exits, and the return of old subscribers.
A state-wise analysis of the net payroll data shows that the highest net member addition occurred in the five states of Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana. Together, these states constituted around 60.4% of the net member addition, adding a total of 10.80 lakh members during the month, as stated by the labour ministry.