Over 1 million new EPF subscribers registered in July: NSO data

New Delhi: Over 10 lakh people joined the organised work force during July, according to the latest data from the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, which was released on Monday.

According to this data, the number of new Employee Provident Fund (EPF) subscribers during July 2023 stood at 1,027,145, which included 752,164 male members and 274,967 female members, and 12 from others.

In the 18-21 years age group, 331,541 new members joined the formal workforce, which included 258,374 men and 73,165 women, the data showed.

In the 22-25 years age group, 2,68,872 new members joined the formal workforce, which included 192,972 and 75,900 men and women, respectively.

In the 26-28 years age group, 101,130 new members joined the workforce, including 74,802 and 26,326, men and women respectively.

In the 29-35 years age group, 150,439 new members joined the workforce, including 103,293 men and 47,141 women.

In the over 35 years age group, 167,339 new members joined the workforce. This included 116,771 men and 50,564 women.

Interestingly, the data showed that 424,433 members ceased subscribing to EPF during the month, comprising 324,878 men and 99,509 women.

The number of members, who exited and resubscribed from EPF during July, stood at 1271,872, which included 1061,446 men and 210,416 women.

According to a report on the labour market released last week, as many as 42% of graduates under the age of 25 remained unemployed after the covid-19 pandemic, while the pace of job creation decreased following the global economic slowdown,

The report, ‘State of Working India 2023: Social Identities and Labour Market Outcomes’ by Bengaluru-based Azim Premji University, said that a large variation in the rate of unemployment exists even among people with higher education, though post-covid figures remain below the pre-covid levels.

It cited data from the Periodic Labour Force Survey (2021-22), which is carried out by the National Statistical Office (NSO).