EPFO adds 14.41 lakh net members in March 2024, most new entrants youth
May 20, 2024
New Delhi [India], May 20 : The latest provisional payroll data released by the Employees' Provident Fund Organization (EPFO) under the aegis of the Ministry of Labour and Employment unveils an addition of 14.41 lakh net members during March 2024.
This data, disclosed on Monday, underscores the trends shaping India's workforce landscape and highlights strides towards inclusivity and financial security.
The figures reveal that 7.47 lakh new members were enrolled with EPFO during March 2024, signifying an influx into the organized workforce.
Notably, the data spotlights the dominance of the 18-25 age group, constituting a remarkable 56.83 per cent of the total new members added in March 2024.
This trend indicates a burgeoning number of youth entering the organized sector, primarily as first-time job seekers, underpinning the vitality of youth employment initiatives and economic empowerment programs.
Crucially, the payroll data shows a noteworthy pattern of job mobility and continuity within the EPFO framework.
Approximately 11.80 lakh members exited and subsequently rejoined EPFO establishments, reflecting a proactive approach towards career transitions and social security planning.
These members opted to transfer their accumulations rather than applying for final settlement, thereby safeguarding their long-term financial well-being and extending their social security protection.
In a stride towards gender inclusivity, the gender-wise analysis of payroll data reveals promising trends. Out of the 7.47 lakh new members, approximately 2 lakh are female, with the net female member addition during the month standing at around 2.90 lakh.
This surge in female membership signifies a broader shift towards a more inclusive and diverse workforce, reflecting concerted efforts to bridge gender disparities and promote equal opportunities in the employment landscape.
An examination of industry-wise data unveils growth in members employed across various sectors. Industries such as manufacturing, marketing services, computer usage, restaurants, chartered or registered accountancy, fish processing, non-vegetarian food preservation, and beedi making have witnessed increments in workforce participation.
Particularly noteworthy is the 43 per cent addition from expert services, comprising manpower suppliers, normal contractors, security services, and miscellaneous activities, underlining the multifaceted nature of India's evolving labor market.
It is imperative to note that the provided payroll data remains provisional, given the continuous nature of data generation and record updating within EPFO.
