The Business Bytes
NEW DELHI, APRIL 20, 2024 (TBB BUREAU): According to provisional payroll data released by the Employees’ Provident Fund Organisation (EPFO) on April 20, 2024, the organisation has witnessed a substantial increase of 15.48 lakh net members in the month of February 2024.
The data further highlights that approximately 7.78 lakh new members were enrolled during February 2024. Notably, a significant 56.36 per cent of these new members belong to the 18-25 age group, indicating a trend where youth, primarily first-time job seekers, are joining the organised workforce in large numbers.
Additionally, around 11.78 lakh members exited and subsequently rejoined EPFO, indicating a trend of job switches among members. These individuals opted to transfer their accumulations instead of applying for final settlement, thus ensuring long-term financial security and extending their social security protection.
Gender-wise analysis of the payroll data reveals that out of the 7.78 lakh new members, approximately 2.05 lakh are female. Moreover, the net female member addition during the month stood at around 3.08 lakh, reflecting a broader shift towards a more inclusive and diverse workforce.
A month-on-month comparison of industry-wise data shows growth in the number of members working in various sectors, including establishments engaged in manufacturing, computer-related services, road motor transport, automobile servicing, textiles, among others. Notably, around 41.53% of the total net membership addition is from expert services, which include manpower suppliers, normal contractors, security services, and miscellaneous activities.
It’s important to note that the payroll data is provisional, as updating employee records is a continuous process. EPFO has been releasing monthly payroll data since April 2018, covering the period from September 2017 onwards. The data includes the count of members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting from EPFO coverage, and those who exited but re-joined as members, to arrive at the net monthly payroll.
