companies Young people in the age group of 18-25 years have become the first choice for jobs in India. This information has been obtained from the data disseminated by the Ministry of Labor. According to EPFO payroll data, out of 14.93 lakh new members added by EPFO in Dec 2022, 8.02 lakh have joined this social security for the first time. A maximum of 2.39 lakh newly-inducted members are in the 18-21 age group. Added 2.08 lakh new members in the 22-25 age group. Of the total number of new affiliates, 55.64 percent are in the age group of 18 to 25 years. This shows that companies are giving preference to young people in new hires.
14.93 lakh new members added in December
The Employees Provident Fund Organization (EPFO) added 14.93 lakh new members on a net basis in December 2022. This is two per cent more than the same period a year ago. The Ministry of Labor gave this information. EPFO’s preliminary payroll data was released on Monday. These figures show that there has been an increase of 14.93 lakh in the number of members in December 2022. The ministry said that if compared to the same month last year, the number of members increased by 32,635 more in December 2022. compared to the same month last year. The Ministry of Labor has also made public the payroll data of the State Workers’ Insurance Company (ESIC). It shows that in Dec 2022, 18.03 lakh new employees are associated with ESIC. An annual comparison shows that the number of employees contributing to the ESI scheme in December 2022 compared to December 2021 has been 14.52 lakh more.
EPFO trustees expressed concern
The Trustees of the Employees Provident Fund Organization (EPFO) have raised concerns about the Employees Provident Fund (EPF) interest not yet being credited to the employees EPF account for the fiscal year 2021- 22. However, the interest for the exercise in question was approved in June of last year. Trustees also include employer representatives along with employees. EPFO’s Central Board of Trustees (CBT), headed by Union Labor Minister Bhupendra Yadav, approved an interest rate of 8.1 per cent for 2021-22 in March 2022. This is the lowest rate in the last four decades.
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