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companies Youth in the age group of 18 to 25 years have become the first choice for jobs in India. This information has been received from the data released by the Ministry of Labour. According to EPFO payroll data, out of 14.93 lakh new members added by EPFO in December, 2022, 8.02 lakh have come under this social security for the first time. Maximum 2.39 lakh newly joined members are in the age group of 18 to 21 years. 2.08 lakh new members were added in the age group of 22 to 25 years. Out of the total new members, 55.64 per cent are in the age group of 18 to 25 years. This shows that companies are giving preference to youth in new recruitments.
Added 14.93 lakh new members in December
Employees’ Provident Fund Organization (EPFO) has added 14.93 lakh new members on a net basis in December 2022. This is two percent 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 with the same month last year, the number of members has increased by 32,635 more in December, 2022 as compared to the same month last year. The labor ministry has also released the payroll data of the Employees’ State Insurance Corporation (ESIC). It shows that in December 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 as 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 over the Employees’ Provident Fund (EPF) interest not yet being credited to the EPF account of the employees for the financial year 2021-22. However, the interest for the concerned financial year was approved in June last year. The trustees also include representatives of the employers along with the employees. The Central Board of Trustees (CBT) of EPFO, headed by Union Labor Minister Bhupendra Yadav, had approved an interest 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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