EPF subscriber base grew by 1 million in July 2023
The National Statistical Office (NSO) has released data revealing that over one million people joined the organized workforce in July 2023. The number of new Employee Provident Fund (EPF) subscribers stood at 1,027,145, with 752,164 male members and 274,967 female members. The data also showed that 424,433 members ceased subscribing to EPF during the month, while 1,271,872 members exited and resubscribed.
Breakdown of new members by age group
The NSO data provided a detailed breakdown of new members joining the formal workforce by age group. In the 18-21 years age group, 331,541 new members joined, including 258,374 men and 73,165 women. The 22-25 year group saw 268,872 new members, with 192,972 men and 75,900 women. The 26-28 years age group had 101,130 new members, while the 29-35 years age group added 150,439 new members. Lastly, the over-35 years age group saw 167,339 new members join the workforce.
Youth unemployment persists post-pandemic
A recent report on the labor market revealed that as many as 42% of graduates under the age of 25 remained unemployed after the COVID-19 pandemic. The pace of job creation decreased following the global economic slowdown. According to the report titled State of Working India 2023: Social Identities and Labour Market Outcomes, published by Bengaluru-based Azim Premji University, there's a wide variation in the rate of unemployment even among people with higher education, though post-COVID figures remain lower.
Social identities impact labor market outcomes
The report also highlighted that labor market outcomes in India are influenced by social identities such as caste, religion, and gender. Women and marginalized groups face significant challenges in accessing formal employment opportunities, with the pandemic exacerbating these issues. Women faced a higher risk of job loss and reduced working hours compared to men. The report called for policy interventions to address these challenges and promote inclusive growth in the labor market.
