EPFO adds 16.02 lakh net members in January with youth dominance evident
The Employees’ Provident Fund Organisation (EPFO) saw a significant increase in its membership, with 16.02 lakh net members added in January 2024, as per the provisional payroll data released on 24th March 2024. Among the new members, 8.08 lakh enrolled during the month.
An interesting trend observed in the data is the dominance of the 18-25 age group, accounting for 56.41% of the total new members. This suggests that a majority of those joining the organized workforce are youth, likely first-time job seekers.
Further analysis reveals that approximately 12.17 lakh members exited and rejoined EPFO, indicating a job switch within the establishments covered under EPFO. These members opted to transfer their accumulations instead of applying for final settlement, thus ensuring long-term financial security and extending their social security protection.
In terms of gender diversity, out of the 8.08 lakh new members, around 2.05 lakh are females. Industry-wise, there was growth in members working in establishments engaged in industries such as financing, computer-related services, and hospitals. Notably, around 40.71% of the total net membership addition came from expert services, including manpower suppliers, contractors, security services, and other related activities.
It’s important to note that the payroll data is provisional and subject to updates, as employee records are continuously updated. The data includes the count of members joining EPFO for the first time through Aadhaar-validated Universal Account Number (UAN), existing members exiting coverage, and those who rejoin after exiting.
