New Delhi, May 21, 2024.
The Employees’ Provident Fund Organisation (EPFO) added 14.41 lakh net members in March as per the provisional payroll data released on May 20.
The provisional payroll data shows that EPFO added 7.47 lakh new members during March 2024.
The data revealed that the 18-25 age group made up 56.83% of the total new members added in March. This shows that the majority of individuals joining the organised workforce are young people and are first-time jobseekers.
According to the data, approximately 11.80 lakh members rejoined EPFO after having left t earlier.
These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their savings instead of applying for final settlement, choosing long-term financial well-being.
A gender-wise analysis of payroll data shows that of the 7.47 lakh new members, around 2 lakh of them are females.
The net female member addition during March stood at around 2.90 lakh. The increase in the addition of female workers is a broader shift towards a more inclusive and diverse workforce.
A month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in industries such as manufacturing, marketing servicing, usage of computers, restaurants, chartered or registered accountants, fish processing and non-veg food preservation, beedi making, and others.