New Delhi: The Employees’ Provident Fund Organisation (EPFO) has released its provisional payroll data for February 2024, revealing a significant addition of 15.48 lakh net members during the month.
According to the data, approximately 7.78 lakh new members were enrolled in February 2024, with a striking 56.36% belonging to the 18-25 age group. This trend underscores the dominance of youth, primarily first-time job seekers, in the organized workforce.
An interesting aspect of the data is the observation that around 11.78 lakh members exited and subsequently rejoined EPFO, opting to transfer their accumulations instead of seeking final settlement. This decision reflects a strategic move by members to safeguard their long-term financial well-being and extend their social security protection amid job transitions.
Gender-wise analysis indicates that out of the 7.78 lakh new members, approximately 2.05 lakh are females, reflecting a positive trend towards a more inclusive and diverse workforce. The net addition of female members stood at around 3.08 lakh, further emphasizing this shift.
Month-on-month comparison of industry-wise data reveals growth in members working in various sectors, including manufacturing, computer services, road transport, automobile servicing, and textiles. Notably, around 41.53% of the total net membership addition is attributed to expert services, encompassing activities such as manpower supply, security services, and miscellaneous services.
It is important to note that the provided payroll data is provisional, as updating employee records is an ongoing process. EPFO has been releasing monthly payroll data since April 2018, covering the period from September 2017 onwards. The data includes new member enrollments through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those rejoining as members.
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