EPFO’s provisional payroll data released on 20 May 2024 highlights that EPFO has added 14.41 lakh net members in the month of March 2024. The data indicates that around 7.47 lakh new members have been enrolled during March 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.83 percent of the total new members added in March 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
The payroll data indicates that approximately 11.80 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.
Gender-wise analysis of payroll data unveils that out of 7.47 lakh new members, around 2 lakh are new female members. Also, the net female member addition during the month stood at around 2.90 lakh.
Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in establishments engaged in manufacture, marketing servicing, usage of computers, Restaurant, Chartered or Regd. accountants, Fish processing and non-veg food preservation, Beedi making etc. Of the total net membership, around 43 percent addition is from expert services (consisting of manpower suppliers, normal contractors, security services, etc.).
