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Job creation drops as EPFO new member registrations hits 4-month low in February

26 Apr 2018 Evaluate

Retirement fund body Employees’ Provident Fund Organisation (EPFO) has indicated that the pace of job creation in non-farm sectors slowed down in the month of February 2018, as new member registrations with the EPFO for its various schemes fell to a four-month low of 4,72,075 during the month. According to the monthly data released by EPFO, in January 2018, number of all non-zero contributors or new members registered with EPFO stood at 6,04,557, while it got 5,57,633 new registrants in December 2017.

Data further showed that the number of all non-zero contributors registered with the EPFO was 647,019 in November, 3,93,904 in October and 4,35,283 in September last year. The EPFO has said that these estimates may include temporary employees whose contributions may not be continuous for the entire year. It also said that all establishments across the country with 20 or more employees whose basic wages are up to Rs 15,000 are required to be mandatorily covered under the social security schemes run by the EPFO.

The EPFO manages social security funds of workers in the organised and the semi-organised sector and it has 60 million members with active contribution at present. The maximum employment of 139,032 was generated in age bracket of 22-25 years in February, 2018 while in January, 2018, the highest number of new registered members were in 18-12 year age bracket.

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