EPFO Records Highest Monthly Payroll Addition in July 2024

The Employees' Provident Fund Organisation (EPFO) witnessed its highest-ever monthly payroll addition in July 2024, with 19.94 lakh new members. This increase reflects the effectiveness of government schemes aimed at job creation. Notably, female workforce participation also saw a significant rise during this period.

The Employees' Provident Fund Organisation (EPFO) has recorded its highest-ever monthly payroll addition in July 2024, with 19.94 lakh new members joining. This milestone underscores a shift in India's employment landscape, driven by the Modi Government's transformative schemes focused on job creation and formalizing the job market.

According to EPFO data, of the new additions, 10.52 lakh are first-time employees—a 2.66 percent increase over June 2024 and a 2.43 percent rise compared to July 2023. This trend highlights an expanding job market with increased opportunities, especially for youth and women.

India's massive economic growth and job creation efforts are supported by key initiatives like the Production Linked Incentive (PLI) Scheme and the Startup India movement. Year-wise, 2022-23 saw 138.52 lakh net additions, while 2023-24 recorded 131.48 lakh.

Youth employment is spearheading formal job creation; in July 2024, 8.77 lakh young individuals joined the payroll, with 6.25 lakh being first-time employees, making up 59.41 percent of new joinees. Initiatives such as the National Career Service (NCS) are pivotal, hosting over 20 lakh active vacancies with 33.72 lakh registered companies.

July 2024 also marked a rise in female workforce participation, with 4.41 lakh women joining the formal sector, 3.05 lakh of whom were new joinees. The net female workforce grew by 14.41 percent, further aided by government efforts to enhance access to education, skill development, and support services for women.

Manufacturing, marketing services, computer usage, and construction sectors led in net payroll additions for July 2024, accounting for over 2 lakh new members. Other sectors like expert services, electronic media companies, and banks also contributed to the rising employment numbers.

(With inputs from agencies.)