Employment Increased In The Organized Sector
Employment increased in the organized sector, and EPFO added 17.08 lakh, new members, in April.
Employment has increased in the organized sector under the Employees’ Provident Fund Organization in the country. EPFO net added 17.08 lakh members in April 2022.
This number is 34 percent higher as compared to 12.76 lakh members in March.
In a statement issued on Monday, the Labor Ministry said that there has been an increase of 4.32 lakh members in April 2022 as compared to the same period last year.
During April last year net of 12.76 lakh members was added.
The data shows that the net addition of new members increased to 1.22 crore in the financial year 2021-22. It was 77.08 lakh in 2020-21, 78.58 lakh in 2019-20, and 61.12 lakh in 2018-19.
Out of the total 17.08 lakh members added during the month of April, about 9.23 lakh members have come under the social security cover of Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 for the first time.
According to age-wise data, the maximum increase during April 2022 was in the age group of 22-25 years. During this 4.30 lakh members were added.
It was followed by the 29-35 age group with the number of 3.74 lakh. As per the data, Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana, and Delhi continue to lead.
These states added 11.60 lakh members net during April 2022. At the same time, the number of women was purely 3.65 lakh in April.
Inflation: Food and crude oil play an important role in rising inflation, as revealed in the report of the Finance Ministry.
According to a recent report by the Finance Ministry, the main reason for retail inflation in India is the rise in the prices of food and crude oil, and external factors are responsible for the increase in both these prices.
There has also been some relief in May from the measures taken to check the rising prices of edible oil and it is expected that there will be further relief.
For the last five months, the retail inflation rate has been running above the ceiling of 6 percent fixed by the RBI.
According to the report of the Ministry of Finance, India imports 60 percent of its edible oil requirement.
In March this year, retail prices of edible oil rose by 18.7 percent over March last year after the Russo-Ukraine war disrupted the supply of sunflower oil, leading to domestic demand for soybean and palm oil. The price had increased.
After March, the retail price of edible oil increased by 17.3 percent in April this year and declined to 13.3 percent in May.
Because Indonesia lifted the ban on the export of palm oil and the government cut the duty on the import of edible oil
