According to data released on Saturday by the Employees Provident Fund Organization (EPFO), the number of net new registrations with it increased by 24 percent to 12.54 lakh in December. These data suggest a formal sector employment situation in the midst of the Kovid-19 epidemic. The Labor Ministry said in a statement that according to the provisional salary data of EPFO, 12.54 lakh account holders grew on a net basis in December 2020, which is a positive sign.
The statement said that on a year-on-year basis, wage figures showed a 24 percent increase in December. This increase in account holders is similar to the pre-Kovid level. This increase is 44 percent higher than in November 2020. According to the data, EPFO added around 53.70 lakh account holders during the first three quarters of the current financial year despite the Kovid-19 epidemic.
Data for December 2020 show that around 8.04 lakh new members came under the EPFO, while roughly 4.5 lakh members came out and then came under the EPFO scope. That is, they changed jobs and opted to retain membership by transferring funds.
The Ministry said that the increase in the number of members shows that people are returning to their jobs with the decrease in active cases of Kovid-19 in India. In addition, the automatic transfer facility introduced by EPFO ensured continuity of membership in many cases.
Talking about the statistics by age, in December 2020, there were about 3.36 lakh net enrollments in the age group of 22 to 25 years. This was followed by the age group of 18 to 21 years, with a net enrollment of about 2.81 lakh. According to the data, the 18-25 age group contributed about 49.19 percent of the total new account holders in December 2020. According to the data, Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka were leading in employment generation during this period.