The latest provisional payroll data from EPFO, disclosed on March 25, 2024, highlights the inclusion of 16.02 lakh net members in January 2024.
Key points indicate that around 8.08 lakh new members became part of EPFO during that month. Notably, a substantial 56.41% of these newcomers fall within the 18-25 age bracket, suggesting a significant influx of youth, particularly first-time job seekers, into the organized workforce.
Further examination reveals that approximately 12.17 lakh members left and subsequently rejoined EPFO, primarily due to job transitions, choosing to transfer their savings instead of finalizing settlements. This approach ensures ongoing financial stability and expands social security coverage.
A breakdown by gender shows that out of the 8.08 lakh new members, roughly 2.05 lakh are female. Moreover, the net addition of female members totals around 3.03 lakh, indicating a shift toward a more diverse and inclusive workforce.
Comparisons of industry-wise data month-on-month demonstrate growth in membership across various sectors, including financing establishments, computer-related services, and hospitals. Notably, approximately 40.71% of the overall net membership increase is attributed to expert services, encompassing activities like manpower supply, security services, and miscellaneous tasks.
It’s important to acknowledge that the provided payroll data is provisional, given the continuous nature of data generation and record updating processes. EPFO has been issuing monthly payroll data since April 2018, covering records from September 2017 onward. This data encompasses new member enrollments via Aadhaar-validated Universal Account Numbers (UANs), exits from EPFO coverage, and re-enrollments of former members.
