Summary:

According to EPFO data, the formal labour market showed signs of recovery in July, with a 2.6% increase in new EPF subscribers, rising to 1.05 million from 1.02 million the previous month. Of these new members, 59.4% were young individuals aged 18 to 25, indicating a substantial influx of first-time workers. Furthermore, female participation increased, with women accounting for 29% of new members in July, signaling positive labour market developments.

Net payroll additions stood at 1.99 million in July, with roughly 40% coming from professional services such as labour providers, contractors, and security services. Maharashtra accounted for 20% of the additions. Since net payroll data is preliminary and subject to revision, the new EPF subscriber estimates are considered a more reliable indicator of labour market trends.

Source: IBEF 

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