Rise in the Employee Force: Women Leading the Change
The Indian workforce is witnessing a positive trend, with the formal sector recording a significant rise in first-time entrants. As per the recent data from the Employees’ Provident Fund Organisation (EPFO), June saw an influx of 1.10 million new members, marking a notable increase from the 0.92 million that joined in May.
Since August 2022, this is the highest spike recorded, underscoring the formal job creation mechanism in the country. Notably, the age-group accounting for a majority of these new additions is the 18-25 bracket, comprising 57.87% of the total new members in June. This demographic, predominantly first-time job seekers, further illustrates the appeal of the organised sector amongst the youth.
Women at the Forefront
An unprecedented number of female workers join the formal sector.
Further making headlines is the substantial increase in female participation. June witnessed an encouraging 0.28 million first-time female entrants to the EPFO. Impressively, the percentage of new female members is the highest in nearly a year. The net addition of female members, at approximately 0.39 million, hasn’t seen such figures since August the previous year.
A Closer Look at EPFO Data
The importance and implications of EPFO’s payroll data on the economy.
EPFO’s payroll data is frequently cited as a touchstone for formal sector job creation, providing key insights into the economy’s health. However, these figures are subject to revisions and are not set in stone.
Historically, the EPFO saw numbers above the 1 million mark in the first half of fiscal 2022-23. This trend, however, began to reduce starting October 2022, maintaining a steady count below the 1 million threshold. Prior to the recent surge, August 2022 recorded 1.06 million new members, with September following closely at 1.01 million.
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