Hiring by formal sector at 7-month low
The number of monthly fresh formal hiring witnessed a seven-month low in October, indicating a slowdown in hiring. The Employees’ Provident Fund Organisation (EPFO) enrolled around 7.50 lakh new members in October compared to 9.47 lakh in September. The low hiring can be attributed to slump in the formal labour market during the month.
In August, EPFO enrolled 9.30 lakh new members, 10.52 lakh in July, 10.25 lakh in June, 9.85 lakh in May, 8.87 lakh in April and 7.47 lakh in March. The net addition was 13.41 lakh members in October, according to data released by the Ministry of Labour and Employment. Meanwhile, of the total 7,50,000 new EPF subscribers in October, the share of young people in the 18–25 age group was 5.43 lakh.
Rejoining staff
The payroll data highlights that approximately 12.90 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.
Rise in female workers
Gender-wise analysis of payroll data unveils that out of the new members added during the month, around 2.09 lakhs are new female members. The increase in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.
State-wise contribution
Of all the states, Maharashtra is leading by adding 22.18 per cent of net members during the month. The states/UTs of Maharashtra, Karnataka, Tamil Nadu, Delhi, Haryana, Telangana and Gujarat individually added more than 5 per cent of the total net members during the month.
Industry-wise trends
Month-on-month comparison of industry-wise data displays significant growth in road motor transport, electronic media companies in private sector and banks.
