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Formal job creation in August jumps by 14.4% year on year: EPFO data

Out of the total 1.69 million net subscribers added during the month, around 0.98 million new members have been enrolled under the social security cover of EPF & MP Act, 1952 for the first time, EPFO said

Source | | Yogima Seth Sharma

Formal job creation under the Employees’ Provident Fund Organisation jumped by 14.4% in August to 1.69 million compared to 1.48 million added in August 2021 as economic activities picked up with the start of festive season.

The provisional payroll data of EPFO, released on Thursday, however, shows month-on-month decline of 7.1% in job creation in August compared to 1.82 million net new jobs created in July 2022. EPFO had created 1.83 million formal jobs in June 2022, 1.68 million in May

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