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EPFO data: EPFO's provisional payroll data released on April 20, 2024, shows that EPFO has added 15.48 lakh net members in the month of February 2024.
Data indicates that around 7.78 lakh new members have been enrolled during February, 2024. A notable aspect of the data is the dominance of the 18-25 age group, which represents a significant 56.36% of the total new members added in February 2024. The majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
Payroll data shows that around 11.78 lakh members exited and later rejoined EPFO. These members changed their jobs and rejoined establishments covered under the EPFO ambit and opted to transfer their accumulations instead of applying for final settlement, thereby protecting their long-term financial well-being and their social security. Security expanded.
Gender-wise analysis of the payroll data shows that out of the 7.78 lakh new members, about 2.05 lakh new members are women. Moreover, the number of net female members during the month stood at around 3.08 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 industries. Establishments engaged in manufacturing, marketing servicing and use of computers, companies/societies/SSC/Clubs/troupes for display, road motor transport, automobile servicing, textiles etc. Of the total net membership, about 41.53% is from additional specialist services (which includes manpower suppliers, general contractors, security services, miscellaneous activities etc.).
The above payroll data is provisional as data generation is a continuous process, as updating employee records 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. In the monthly payroll data, count of members who joined EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members who exited the coverage of EPFO and those who exited but re-joined as members. are taken to arrive at the net monthly. Payroll.