The government’s flagship social security scheme saw an addition of 1.93 million new members in June 2023, marking a 7.9 percent increase from the previous year, according to data from the Employees’ Provident Fund Organisation (EPFO).
During this period, the EPFO recorded 1.03 million new employees, reflecting a 4 percent increase over the previous month and a 1 percent rise compared to the previous year.
The data highlights a notable trend: the 18-25 age group represented a significant 59.14 percent of the new members added in June 2024. This aligns with the ongoing trend of youth, particularly first-time job seekers, joining the organized workforce.
Additionally, female employment increased by 5.88 percent year-over-year, with nearly 300,000 women joining the workforce, accounting for about 30 percent of the new additions.
State-wise analysis reveals that the highest net member additions occurred in Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana, collectively contributing to 61.16 percent of the total new members, with Maharashtra leading by adding 21.09 percent of the new members for the month.
Earlier government data indicated a decrease in urban unemployment to 6.6 percent in the first quarter of FY25 from 6.7 percent in Q4 FY24. However, female unemployment increased during this period.
The EPF scheme, along with the Employees’ State Insurance Corporation scheme and the National Pension Scheme, serves as a key indicator of formal job creation.
