The recent release of payroll data by the Employees’ Provident Fund Organisation (EPFO) has shed light on significant trends in India’s organized labor sector. In March of this year, a notable surge in employment was observed, with 14.41 lakh net members joining the workforce.
Of these, a large number of 7.47 lakh are first-time entrants to the organized workforce. Of these, as many as 56.83 percent belong to the 18-25 age bracket. Obviously, the youth are the main job seekers in the organized sector, according to official statements.
Gender-wise, the data reveals 2 lakh new female members who joined EPFO in March. In addition, the net addition of female members in the month stood at about 2.90 lakh. This sets a very positive trend towards greater inclusion and diversity in the workforce, according to officials.
A lot can be learned from the remaining data. About 11.80 lakh members left and re-joined EPFO. The members, who switched jobs, chose to transfer their EPFO accumulations instead of going for final settlements. This move is strategical as it not only secures the future of the employee in the long run but also extends social security protection to the employee.
On a month-on-month basis, the industry-wise data shows growth in many sectors, such as manufacturing, marketing services, computer use, restaurants, chartered services, fish processing, non-vegetarian food preservation, and Beedi manufacturing, indicating dynamic changes within labor markets and being reflective of changing employment patterns and economic activities.
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