Fresh formal hiring increased to 10.52 lakh in July: EPFO

Signaling recovery in the formal labour market, the number of monthly fresh formal hiring increased in July as compared to June 2024. According to the latest monthly payroll data (provisional) released by the Employees’ Provident Fund Organisation (EPFO) on Monday, in July, the number of new monthly subscribers under the Employees’ Provident Fund (EPF) increased by 2.66 per cent to 10.52 lakh from 10.25 lakh in June.

The July enrolment represents a 2.43 per cent rise compared to July 2023. This surge in new memberships can be attributed to growing employment opportunities.

Of the total enrolment in July, the highest growth was observed in the 18-25 age group, with 8.77 lakh net additions. This age group represents 59.41 per cent of all new members added during the month. Further, around 3.05 lakh new female members joined EPFO in July, reflecting a year-over-year growth of 10.94 per cent.