One of the two main social security organization, the Employees Provident Fund Organisation (EPFO) provisional payroll data was released on 20 April 2024.
The data that was shared highlights that EPFO has added 15.48 lakh net members in February 2024. However, in January EPFO has added 16.02 lakh net members in the month.
The data indicates that around 7.78 lakh new members have been enrolled during February 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.36% of the total new members added in February 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
Comparing it with the previous month a noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.41% of the total new members added in January 2024.
The payroll data highlights that approximately 11.78 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 7.78 lakh new members, around 2.05 lakh are new female members. Also, the net female member addition during the month stood at around 3.08 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce.
Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the industries viz. establishments engaged in the manufacture, marketing servicing & usage of computers, companies/societies/clubs/troupes for performances, road motor transport, automobile servicing, Textiles, etc.
Of the total net membership, around 41.53% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities, etc.).
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