The Employees’ Provident Fund Organisation (EPFO) added a net 1.99 million (19.94 lakh) members in July, 2024. Of these, more than a million were first-time subscribers.

"Out of these, 10.52 lakh subscribers were first-time subscribers to the EPFO's social security schemes,” Union Labour Minister Mansukh Mandaviya said at a press conference.

Mandaviya said this not only showed a significant rise in employment, but “a clear indication of fresh employment opportunities.”

According to the payroll data available with the Ministry of Labour, young workers comprised a sizeable proportion of new enrollments. A total of 8.77 lakh members accounted for nearly 44 per cent of net additions. Of these, 6.25 lakh were new-age groups entering the workforce for the first time.

The data further revealed that nearly 59.4 per cent of the total new joinees were in the 18-25 years age group.What Is EPFO’s Prayaas Yojana For EPS-95 Members? Know Its Objectives

Though all sectors saw an increase in employment, it was noticeably higher in manufacturing, computer services, construction, engineering, private sector banking, and electronic media.

Remarkably, 38.91 per cent of the net increments in workforce came from professional services, such as manpower suppliers, contractors, and security services, highlighting the trend for outsourced and contract-based services. 

The construction and engineering industries, a critical component for the development of infrastructure in the country, also contributed immensely to the boost in jobs as reflected by the growth in ongoing projects and industrial expansion.

This payroll data was arrived at by tallying the Aadhar-validated UAN of the employees at the time of their first subscription to the EPFO. Data of those members who had rejoined service as well as that of existing members during the time of exiting EPFO was also taken into consideration for arriving at the figures.

Incidentally, EPFO has been publishing this data since April 2018, tracking workforce trends and understanding India's formal employment sector.

New joiners, especially first-time workers, are on the rise, which represent better employment conditions and increased economic activities across the sector. 

According to the data, the younger lot in particular those in the 18-25 years age group are joining the workforce in huge numbers.

The data further highlights increasing employment opportunities among India’s young population, especially in the manufacturing and export services sectors, thus indicating strengthening of the economy and growth in job opportunities in the formal sector.