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TFP Bureau,New Delhi; February 20,2024: The Employees’ Provident Fund Organization (EPFO) has reported a significant addition of 15.62 lakh net members in December 2023, marking the highest surge in the past three months. According to provisional payroll data released on February 20, 2024, this represents an 11.97% increase compared to November 2023.
The year-on-year analysis reveals a 4.62% growth in net member additions compared to December 2022, indicating a positive trend in employment opportunities and awareness of employee benefits facilitated by EPFO.
During December 2023, approximately 8.41 lakh new members enrolled with EPFO, marking the highest influx in the past three months. Notably, the majority, accounting for 57.18% of new members, fall in the 18-25 age group, highlighting a trend of youth comprising a significant portion of the organized workforce.
Moreover, around 12.02 lakh members exited and re-joined EPFO, representing a notable 12.61% increase compared to November 2023. This trend indicates job mobility and members’ preference to transfer accumulations rather than opting for final settlement, ensuring long-term financial security and social protection.
Gender-wise analysis reveals around 2.09 lakh new female members, the highest recorded addition in the past three months, signaling a positive shift towards a more inclusive workforce. State-wise, Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Haryana witnessed the highest net member additions, contributing around 58.33% to the total influx.
Industry-wise data highlights significant growth in sectors such as Iron and Steel, Building & Construction, and General Insurance, with expert services contributing around 40.66% to the total net membership.
It’s important to note that the above data is provisional and subject to continuous updates, as EPFO’s data generation is an ongoing process. Since April 2018, EPFO has been releasing monthly payroll data, covering the period from September 2017 onwards, providing insights into new enrollments, exits, and re-joins, facilitating a comprehensive view of monthly workforce dynamics.
