The Business Bytes
NEW DELHI, JUNE 20, 2024 (TBB BUREAU): The Employees’ Provident Fund Organisation (EPFO) has announced its provisional payroll data for April 2024 on Thursday, showcasing remarkable growth in net member additions. With 18.92 lakh new members, this surge marks the highest monthly increase since the inception of payroll data in April 2018. A notable 31.29% rise has been recorded compared to the previous month of March 2024.
Year-on-year analysis further highlights a 10% growth in net member additions compared to April 2023, underscoring sustained momentum in employment opportunities. Factors contributing to this uptick include increased awareness of employee benefits and the efficacy of EPFO’s outreach initiatives.
Among the new enrollees, the 18-25 age bracket constitutes a significant 55.50%, reaffirming the trend of youth driving workforce expansion. Noteworthy is the rejoining trend, with approximately 14.53 lakh members opting to transfer their accumulations instead of final settlement, ensuring long-term financial security.
Gender-wise, the data indicates a positive shift with 2.49 lakh new female members joining EPFO, marking a 35.06% increase from March 2024. This underscores progress towards a more inclusive workforce.
State-wise analysis identifies Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana as leaders, collectively contributing 58.30% of net member additions. Maharashtra leads the pack, accounting for 20.42% of net additions.
Industry-wise, sectors such as expert services, trading, engineering, education, and construction witness substantial growth. Notably, expert services alone contribute 41.41% to the total net membership.
While the data remains provisional, it underscores EPFO’s pivotal role in fostering economic inclusivity and social security. Continuous updates reflect the dynamic nature of workforce participation, emphasizing EPFO’s commitment to providing accurate and timely insights into India’s labor landscape.
