The formal job market in India noticed the entry of a majority of first-time job seekers in February 2024, official knowledge confirmed. The provisional payroll knowledge for the Worker Provident Fund Organisation (EPFO) for February 2024 revealed that greater than 56 per cent of the brand new members enrolled within the initiative belonged to the 18-25 age group.
The info, launched by the Ministry of Labour and Employment on Saturday, said that 15.48 lakh web members have been added to the EPFO payroll within the month below overview, and about 7.78 lakh new members have been enrolled within the interval.
The official assertion learn, “The info signifies that round 7.78 lakh new members have been enrolled throughout February, 2024. A noticeable facet of the info is the dominance of the 18-25 age group, constituting a major 56.36% of the overall new members added in February 2024 indicating the vast majority of people becoming a member of the organized workforce are youth, primarily first-time job seekers.”
The employment figures confirmed that about 11.78 lakh members rejoined the EPFO after exiting. These people modified their jobs and transferred their accounts to their new employers. “These members switched their jobs and re-joined the institutions coated below the ambit of EPFO and opted to switch their accumulations as a substitute of making use of for closing settlement thus, safeguarding long-term monetary well-being and increasing their social safety safety,” the ministry famous.
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Gender-Primarily based Findings
An evaluation of the info primarily based on gender revealed that about 2.05 lakh new members have been females, out of the overall 7.78 lakh new members. The online feminine member addition throughout February 2024 stood at almost 3.08 lakh. This remained indicative of a ‘broader shift in direction of a extra inclusive and numerous workforce’.
Knowledge Throughout Industries
When the info was in contrast amongst industries on a sequential foundation, it revealed that members have been added in companies working in industries, resembling manufacturing, advertising and marketing servicing, utilization of computer systems, corporations/troupes/golf equipment for performances, highway motor transport, car servicing, textiles, and so forth.
Amongst the general web membership, workers working in skilled providers resembling contractors, safety, manpower suppliers, and so forth, accounted for 41.53 per cent of the addition within the payroll figures.
Notably, the payroll knowledge is provisional as knowledge technology is an everyday course of, and updating information is a steady train. The EPFO releases payroll knowledge each month and began the apply in April 2018, protecting the info from September 2017 onwards.
