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TFP Bureau, New Delhi; March 25, 2024: The Employees’ Provident Fund Organisation (EPFO) has reported a significant addition of 16.02 lakh net members in January 2024, according to provisional payroll data released on March 24, 2024.
The data reveals that out of the total, approximately 8.08 lakh individuals joined EPFO in January 2024. Notably, the 18-25 age group constitutes a substantial 56.41% of the new members, indicating a trend where youth, predominantly first-time job seekers, are entering the organized workforce.
Furthermore, around 12.17 lakh members were observed to have exited and subsequently rejoined EPFO during the same period. This trend suggests a mobility among employees who switch jobs but opt to transfer their accumulations, ensuring long-term financial stability and social security protection.
A gender-wise analysis shows that out of the 8.08 lakh new members, approximately 2.05 lakh are females. Moreover, the net addition of female members stood at around 3.03 lakh, indicating a positive shift towards a more inclusive workforce.
In terms of industries, the data indicates growth in members employed in establishments engaged in financing, manufacturing, marketing servicing, usage of computers, and hospitals. Notably, around 40.71% of the total net membership addition is attributed to expert services, which include manpower suppliers, contractors, security services, among others.
It’s important to note that the provided payroll data is provisional and subject to continuous updates as employee records are regularly updated. EPFO has been releasing monthly payroll data since April 2018, covering the period from September 2017 onwards. The data includes counts of new EPFO members joining through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting, and those rejoining the EPFO.
