New Delhi:The Employees’ Provident Fund Organization (EPFO) released its provisional payroll data on January 20, 2024, showcasing a robust employment trend. In the month of November 2023, EPFO added 13.95 lakh net members, demonstrating a continuous rise in employment in the organized sector. The cumulative net addition of members in the current financial year surpasses the corresponding period of the previous year.
Around 7.36 lakh new members enrolled during November 2023, with the age group of 18-25 years constituting 57.30% of total new members. This statistic reflects that a significant portion of those joining the organized sector are youth, often first-time job seekers.
Notably, approximately 10.67 lakh members exited but rejoined EPFO, indicating job mobility and members choosing to transfer their accumulations rather than opting for final settlement. This decision extends their social security protection.
Gender-wise analysis underscores the growing participation of female employees in the organized sector. Out of the total 7.36 lakh new members, around 1.94 lakh are new female members. The net female member addition during the month stood at approximately 2.80 lakh, constituting 20.05% of the net subscriber addition – the highest since September 2023.
State-wise analysis reveals that Maharashtra, Tamil Nadu, Karnataka, Haryana, and Delhi lead in net member addition, constituting 58.81% of the total. Maharashtra, in particular, leads by adding 21.60% of net members during the month.
Industry-wise data indicates significant growth in members engaged in agriculture, coffee plantations, sugar, rubber plantations, tiles, and more. Expert services, covering activities such as manpower suppliers, normal contractors, security services, and miscellaneous activities, contribute around 41.94% to the total net membership.
It is crucial to note that the provided payroll data is provisional, considering the continuous updating of employee records. EPFO has been releasing monthly payroll data since April 2018, covering the period from September 2017 onwards. The data includes members joining through Aadhaar-validated Universal Account Number (UAN), those exiting EPFO coverage, and those rejoining as members to determine net monthly payroll. This reflects the dynamic nature of the employment landscape and the ongoing efforts to capture accurate and updated information.
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