EPFO added 14.41 lakh members during March 2024

Provisional payroll data released by the Employees’ Provident Fund Organization (EPFO) shows that the EPFO has added a total of 14.41 lakh members in the month of March, 2024.

This data indicates that approximately 7.47 lakh new members have been enrolled during March, 2024. A noteworthy aspect of the data is the high 18-25 age group, which accounts for a significant 56.83 per cent of the total new members added in March 2024 and shows that the majority of individuals joining the organized workforce are young, primarily first-time job seekers. Are going to search.

Payroll data shows that around 11.80 lakh members exited EPFO and later rejoined. These members changed their jobs and re-joined the establishments under the purview of EPFO and opted to transfer their accumulation instead of applying for final settlement, thus, protecting their long-term financial well-being and Social security expanded.

Gender-wise analysis of the payroll data shows that out of the 7.47 lakh new members, about 2.00 lakh new members are women. Moreover, the total number of women members during the month stood at around 2.90 lakh. The addition of female members signals a broader shift toward a more inclusive and diverse workforce.

Month-on-month comparison of industry-wise data shows an increase in members working in establishments engaged in manufacturing, marketing, servicing, computer use, restaurants, chartered or registered accountants, fish processing and non-vegetarian food preservation, beedi manufacturing, etc. Is. Of the total net membership, about 43 per cent of the growth consists of specialist services (manpower suppliers, general contractors, security services, miscellaneous activities etc.).

The above payroll data is provisional as data generation itself is a continuous process, as updating employee records itself is a continuous process. Therefore the previous data is updated every month. From the month of April-2018, EPFO is releasing payroll data covering the period from September, 2017 onwards. The monthly payroll data includes the numbers of members joining EPFO for the first time through Universal Account Number (UAN) verified with Aadhaar, current members exiting the scope of coverage of EPFO and those who exited it but remained as members. Re-incorporated, they are included in the net monthly payroll.