The Employees' Provident Fund Organisation (EPFO) has reported its highest-ever monthly payroll addition in July 2024, with 19.94 lakh members joining the ranks.
This highlights a shift in India's employment landscape, reflecting the effectiveness of the Modi Government's transformative schemes aimed at driving job creation and formalising the job market.
The EPFO data indicates that of the new additions, 10.52 lakh are first-time employees, marking a 2.66 per cent increase over June 2024 and a 2.43 per cent rise compared to July 2023.
This uptick in employment showcases an expanding job market and increased opportunities, particularly for youth and women.
India's massive push toward economic growth and job creation has been bolstered by key government initiatives like the Production Linked Incentive (PLI) Scheme, the Startup India movement, the Employment Linked Incentive Scheme, and significant capital expenditure (Capex) drives.
Year-wise net payroll additions further underscore the progress being made: in 2022-23, there were 138.52 lakh net additions, while in 2023-24, this number was 131.48 lakh.
Youth employment is leading the surge in formal job creation, with 8.77 lakh young individuals contributing to the net payroll in July 2024 alone.
Among these, 6.25 lakh were first-time employees, accounting for 59.41 per cent of total new joinees in the month. This growth can be attributed to initiatives like the National Career Service (NCS), which currently hosts over 20 lakh active vacancies and has registered 33.72 lakh companies, indicating robust hiring across various sectors.
A key highlight of July 2024 is the rise in female workforce participation. The data shows that 4.41 lakh women joined the formal sector in July, with 3.05 lakh being new joinees.
The net female workforce grew by 14.41 per cent, while the number of new female members increased by 10.94 per cent. This substantial rise in female employment reflects the government's focus on improving access to education, skill development programs, and support services like working women hostels.
Industry-wise, the top sectors driving the highest net payroll additions in July 2024 include manufacturing, marketing services, the usage of computers, and building and construction.
These industries collectively accounted for over 2 lakh new members, while other sectors such as expert services, electronic media companies, and banks also contributed to the rising employment numbers.
