In the last three months, the number of employees entering the job market for the first time has been steadily decreasing. This is worrying for those people who are preparing to start their career.
Big news for job seekers
Opportunities for formal employment in the country have started decreasing once again. The figures of Employees’ Provident Fund Organization ie EPFO are also confirming this. This year, 12 lakh 70 thousand people have got employment in the month of October. This figure for the month of October is the lowest since July.
In July, 12 lakh 30 thousand people got jobs. Let us tell you that in the last three months, the number of employees entering the job market for the first time is continuously decreasing. This is worrying for those people who are preparing to start their career.
According to the EPFO data, 14 lakh 80 thousand people got jobs in the month of August, while the number of people who joined for the first time was 9 lakh 10 thousand. After this, in the month of September, a net 15 lakh 41 thousand people got new employment, out of which the number of EPFO members for the first time was 8 lakh 95 thousand.
Now in October, a total of 12 lakh 70 thousand people got employment, in which only 7 lakh 50 thousand people have become new members for the first time under the EPF and MP Act, 1952. Out of the 12 lakh 70 thousand figure given by the government in October, only seven and a half lakh people have got jobs for the first time, while there are 5 lakh 10 thousand people who have changed jobs.
Let’s know about EPFO
EPFO (Employee Provident Fund Organization) ie ‘Employees Provident Fund Organization’ is an organization of the Government of India, which runs many schemes to provide income security to its members after retirement.
Every company has to register itself in EPFO, where the number of employees is more than 20. Around 1951, the Employees’ Provident Fund Ordinance was announced.
On November 15, 1951, the Employees’ Provident Fund Ordinance was changed to the Employees’ Provident Fund Act, 1952, which came into force throughout India except Jammu and Kashmir. After implementing the Employees’ Provident Fund Scheme in phases under Section 5 of the Act, on November 1, 1952, it was fully implemented across the country.