NewsStocksEPFO Records Highest-Ever Enrollment of 139.78 Lakh New Subscribers, Youth Drive Formal Job GrowthEPFO Records Highest-Ever Enrollment of 139.78 Lakh New Subscribers, Youth Drive Formal Job Growth
EPFO reports 139.78 lakh net new subscribers, more than double the 61 lakh in fiscal 2019. Youth dominate with 61% under 29 years old. Women's participation increased by 41.7%, now accounting for 25% of new subscribers. Despite growth, 80% of India's 570 million workers remain in the informal economy. Top job-creating industries include Retail, BFSI, Manufacturing, and Telecom. BFSI leads with an average monthly salary of Rs 28,500, followed by Retail at Rs 23,000.
*this image is generated using AI for illustrative purposes only.
India's formal workforce has seen a significant boost, with the Employees Provident Fund Organization (EPFO) reporting a record-breaking 139.78 lakh net new subscribers. This milestone represents more than double the enrollment figures from fiscal 2019, which stood at 61 lakh.
Youth Dominate New Enrollments
The surge in EPFO subscriptions is largely driven by young workers:
- 61% of new subscribers are under 29 years of age
- Nearly half of the new enrollees fall within the 18-25 age bracket
This trend indicates a growing shift towards formal employment among India's youth, potentially signaling improved job prospects and economic opportunities for younger workers.
Women's Participation on the Rise
Another positive development is the increased participation of women in the formal workforce:
- Women's labor force participation rose by 41.7%
- Women now account for a quarter of new EPFO subscribers
This growth in female participation could contribute to greater gender equality in the workplace and boost overall economic productivity.
Informal Economy Still Dominant
Despite the impressive growth in formal sector employment, challenges remain:
- 80% of India's 570 million workers are still part of the informal economy
This statistic highlights the ongoing need for policies and initiatives to formalize a larger portion of the workforce, ensuring better job security and social benefits for millions of workers.
Top Job-Creating Industries
A report by Quess Corp, based on research involving 6 lakh people, identified the following industries as the top job creators:
- Retail
- Banking, Financial Services, and Insurance (BFSI)
- Manufacturing
- Telecom
Salary Insights
The report also provided insights into average monthly salaries across industries:
| Industry | Average Monthly Salary |
|---|---|
| BFSI | Rs 28,500 |
| Retail | Rs 23,000 |
The BFSI sector leads with the highest average salary, followed closely by the retail industry.
This record-breaking EPFO enrollment, coupled with the rise in youth and women's participation, paints a positive picture of India's formal job market growth. However, the large informal sector remains a significant challenge that needs to be addressed to ensure comprehensive economic development and worker welfare across the country.
20
