EPFO’s latest update, released on April 20, 2024, indicates that in February 2024 indicates that around 7.78 lakh new members have been enrolled during February, 2024. During the month the EPFO saw a noteworthy increase of 15.48 lakh net members. What’s striking is the dominance of the 18-25 age bracket, comprising a substantial 56.36 percent of the new members. This trend indicates a surge in young individuals entering the organized workforce, many of whom are likely first-time job seekers.
The data also reveals that about 11.78 lakh members left and subsequently rejoined EPFO, often due to job switches. Instead of seeking final settlement, these members chose to transfer their accumulations, ensuring their long-term financial stability and extending their social security coverage.
A closer look at the gender breakdown shows that out of the 7.78 lakh new members, approximately 2.05 lakh are females. Moreover, the net increase in female members for the month stands at around 3.08 lakh. This uptick in female membership signifies a broader move towards fostering a more inclusive and diverse workforce.
When comparing data across different industries, there is a noticeable growth in membership among establishments involved in various sectors such as computer-related services, entertainment, transportation, automobile servicing, textiles, and more. Notably, around 41.53 percent of the total net membership increase is attributed to expert services, which include manpower suppliers, contractors, security services, and miscellaneous activities.
It’s important to note that this payroll data is provisional as the process of updating employee records is continuous. EPFO has been releasing monthly payroll data since April 2018, covering the period from September 2017 onwards. This data includes the count of new members joining through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting coverage, and those who exit but later rejoin, to calculate the net monthly payroll.
