Epfo

November 8, 2024 7:06 PM

78 lakh EPS pensioners to benefit as new payment system completes pilot run

Union Minister of Labour and Employment, Dr. Mansukh Mandaviya, announced on Friday the successful completion of the pilot run for the new Centralised Pension Payments System (CPPS) under the Employees’ Pension Scheme (EPS) 1995. The CPPS is designed to enhance pension services for EPS members. The pilot, conducted on October 29-30, disbursed approximately Rs 11 crore in pension payments for October to over 49,000 EPS pensioners across the Jammu, Srinagar, and Karnal regions. According to th...

July 21, 2024 12:10 PM

EPFO reports record addition of 19.50 lakh members in May

The Employees’ Provident Fund Organisation (EPFO) added a record 19.50 lakh net members in May 2024, the highest since it began releasing payroll data in April 2018. This marks a 19.62% increase compared to May 2023. Out of the total new additions, 9.85 lakh were new members, reflecting a 10.96% increase from April 2024 and an 11.5% increase from May 2023. A significant portion of these new members, over 58%, belong to the 18-25 age group, highlighting the influx of young workers into the org...

September 16, 2024 6:06 PM

”India has successfully, swiftly generated new jobs” says Union Minister Piyush Goyal

Union Minister Piyush Goyal on Thursday praised the Indian government's job creation efforts, citing recent data from the Reserve Bank of India (RBI) that indicates substantial employment growth in the 2023-2024 financial year. According to the RBI KLEMS Data, nearly 4.6 crore (46 million) new jobs were created in FY 2023-2024, representing a 6% increase in employment opportunities. Goyal said that this as a historic achievement, adding, "For the first time after 1981-82, around 2.5 times highe...

September 16, 2024 6:03 PM

India doubts credibility of Citigroup report on state of employment

The Indian government has strongly refuted a recent Citigroup report on the state of employment in India, calling into question its credibility and methodology. In a statement released Monday, the Ministry of Labour and Employment criticized the report for failing to consider all official data sources available in the public domain. The Citigroup report, which has been widely cited in media outlets, forecasted that India would struggle to create sufficient employment opportunities even with a 7...

September 16, 2024 4:52 PM

EPFO adds 16.02 lakh members in January; 8.08 lakh enroll for 1st time

Retirement fund body EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday. Around 8.08 lakh members were enrolled for the first time in January 2024, a labour ministry statement said on Sunday. Notably, the 18-25 age group emerged as the dominant segment, constituting a significant 56.41% of the total new members added. This trend highlights the youth's growing presence in the organised workforce, with many being first-time job seekers entering t...