New Delhi: The Employees’ Provident Fund Organisation (EPFO) has reported a significant addition of 14.41 lakh net members in March 2024, according to provisional payroll data released on May 20, 2024. This figure reflects a robust growth in the organized workforce in India.
The data reveals that approximately 7.47 lakh new members were enrolled during the month. A noteworthy aspect is the dominance of the 18-25 age group, which constitutes 56.83% of the new members added in March 2024. This indicates a substantial influx of youth, primarily first-time job seekers, joining the organized workforce.
Additionally, the data highlights that around 11.80 lakh members exited and subsequently rejoined EPFO. These individuals switched jobs and opted to transfer their accumulations rather than applying for final settlement. This trend suggests a growing awareness among members about the benefits of safeguarding their long-term financial well-being and extending their social security protection.
A gender-wise analysis of the payroll data shows that out of the 7.47 lakh new members, around 2 lakh are new female members. The net female member addition for the month stood at approximately 2.90 lakh, reflecting a broader shift towards a more inclusive and diverse workforce.
The month-on-month comparison of industry-wise data indicates growth in membership within various sectors. Notable industries include manufacturing, marketing, computer services, restaurants, chartered or registered accountants, fish processing, and non-vegetarian food preservation, as well as beedi making. Expert services, which comprise manpower suppliers, normal contractors, security services, and miscellaneous activities, accounted for around 43% of the total net membership addition.
The EPFO payroll data is provisional as updating employee records is an ongoing process. The data is continuously refined and updated each month. Since April 2018, EPFO has been releasing payroll data covering the period from September 2017 onwards. The monthly payroll data includes the count of new members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those rejoining as members, to calculate the net monthly payroll.
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