In October, formal job creation under the Employees Provident Fund Organisation (EPFO) increased by 18.2% year-on-year, adding 1.53 million net new subscribers. However, compared to September s 1.72 million jobs, sequential formal job creation declined by 11%. The EPFO added 770,000 new members in October, a 6.07% rise from the same month last year, with 58.6% of the new joiners in the age group of 18-25 years.
Of the 1.69 million workers added to EPFO in August, 58.3% of the net new workers or 0.92 million were in the 18-25 years age bracket. "This indicates that most of the first-time job seekers are youth joining the organised sector workforce in large numbers.," the ministry of labour and employment said. Further, around 1.18 million members exited but rejoined EPFO, an increase of 10.2% when compared to last year.