New Delhi, June 20, 2024
The Employees’ Provident Fund Organisation (EPFO) has added 18.92 lakh net members during April this year which is the highest since the first payroll data was published in April 2018, according to figures released by the Ministry of Labour and Employment on Thursday.
The number of net members added shot up by 31.29 per cent over the corresponding figure for March 2024, the provisional payroll data shows.
The year-on-year analysis reveals a growth of 10 per cent in net member additions compared to April 2023.
This surge in membership can be attributed to increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programmes, the Ministry said.
The data indicates that around 8.87 lakh new members have enrolled during April 2024.
A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 55.5 per cent of the total new members added in April 2024.
This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers.
According to the payroll data, approximately 14.53 lakh members exited and subsequently rejoined EPFO.
This figure represents a 23.15 per cent increase compared to the previous month of March 2024.
These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement, thus, safeguarding long-term financial well-being and extending their social security protection.
Gender-wise analysis of payroll data unveils that out of 8.87 lakh new members, around 2.49 lakh are new female members.
Also, the net female member addition during the month stood at around 3.91 lakh reflecting an increase of approximately 35.06 per cent compared to the previous month of March 2024.
The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.
State-wise analysis of payroll data denotes that net member addition is highest in the five states of Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana.
These states constitute around 58.3 per cent of net member addition, adding a total of 11.03 lakh net members during the month.
Of all the states, Maharashtra is leading by adding 20.42 per cent of net members during the month.
Besides, out of the total net membership, around 41.41 per cent addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.)
The payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process.(Agency)
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