EPFO added 15.48 lakh members in February 2024, youth dominate in new enrollments.
EPFO adds 15.48 lakh members in Feb 2024, 56.36% youth.
The Employee Provident Fund Organization (EPFO) announced that it registered a net increase of 15.48 lakh members in February 2024. As per a statement from the labour ministry, approximately 7.78 lakh individuals joined EPFO for the first time during that month. Notably, the majority of these new members, constituting 56.36%, belong to the 18-25 age group, indicating a significant influx of youth entering the organized workforce.
The labour ministry remarked that this data underscores a trend wherein a considerable number of young individuals, predominantly first-time job seekers, are joining the formal job sector. Additionally, the payroll data reveals that approximately 11.78 lakh members switched jobs and subsequently re-enrolled with EPFO, choosing to transfer their savings rather than opting for final settlement, thereby securing their long-term financial stability and extending their social security coverage.
A gender-wise analysis of the payroll data shows that out of the 7.78 lakh new members, around 2.05 lakh are females. Moreover, there was a net addition of approximately 3.08 lakh female members during the month, indicating a broader movement towards fostering a more inclusive and diverse workforce.
Furthermore, a comparison of industry-wise data month-on-month demonstrates growth in the number of members working in various sectors such as manufacturing, computer-related services, entertainment, transportation, automobile servicing, and textiles.
Notably, around 41.53% of the total net membership addition comes from expert services, including manpower suppliers, contractors, security services, and other related activities. It's important to note that the provided payroll data is provisional, as the process of updating employee records is ongoing, resulting in monthly updates to the data.
Since April 2018, EPFO has been releasing monthly payroll data covering the period from September 2017 onwards. The monthly payroll data includes the count of new members joining EPFO through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those who exited but later rejoined as members.
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