New Delhi, July 20 (FN Agency) Retirement fund manager Employees’ Provident Fund Organisation (EPFO) added 16.30 lakh net members in the month of May, 2023 reflecting improvement in job prospects in the formal sector. The data released by Ministry of Labour and Employment on Thursday shows that around 8.83 lakh new members enrolled during this period, highest in the past six months. Among the newly joined members, the age-group of 18-25 years constitutes 56.42% of total new members added during the month of May. “This indicates an increasing trend in youth employment, who are mostly first-time job seekers joining organized sector workforce of the country,” the Ministry said.
As per the Ministry, around 11.41 lakh members exited but rejoined EPFO who may have switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement. Month-on-month comparison of industry-wise data revealed significant growth in the establishments engaged in building & construction industry, garments making and electronic media companies in the private sector. “This was followed by textiles, financing establishment, rubber products etc. Of the total net membership, around 42.04% additions are from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.),” the Ministry said.