Due to a significant uptick in economic activity, the number of formal jobs created under the Employees’ Provident Fund Organisation increased by 24.5% in July to 1.82 million from 1.46 million in July 2021.
However, the EPFO’s provisional payroll data, which was issued on Tuesday, indicates a negligible shift in the number of jobs created month over month, with July’s figures closely matching June’s. In June 2022, 1.83 million formal jobs were created by EPFO, followed by 1.68 million in May and 1.53 million in April.
Around 1.05 million new members have signed up for the social security coverage of the EPF & MP Act, 1952 for the first time out of the total 1.82 million net subscribers acquired during the month, it said.
Instead of requesting a final withdrawal, about 1.17 million net users rejoined EPFO by moving their accumulations from their old PF accounts to their new ones.
According to the statement, “This may be ascribed to many e-initiatives launched by EPFO for seamless and uninterrupted service delivery. But 0.41 million subscribers left EPFO in July as well.