New Delhi, Apr 20 (UNI) The government on Saturday said that around 7.78 lakh new members have joined Employees Provident Fund Organization (EPFO) in the month of February 2024.
According to EPFO’s provisional payroll data released by the Ministry of Labour & Employment on April 20, 2024, it highlighted that EPFO has added 15.48 lakh net members in the month of February, 2024. Of this 7.78 lakh are new members.
A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.36 per cent of the total new members added in February 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
The payroll data highlighted that approximately 11.78 lakh members exited and subsequently rejoined EPFO. 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 unveiled that out of 7.78 lakh new members, around 2.05 lakh are new female members. Also, the net female member addition during the month stood at around 3.08 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce.
Month-on-month comparison of industry-wise data displayed growth in the members working in establishments engaged in the industries viz. establishments engaged in manufacture, marketing servicing & usage of computers, companies/societies/assc/clubs/troupes for performances, road motor transport, automobile servicing, Textiles etc.
Of the total net membership, around 41.53 percent addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.), Ministry of Labour & Employment said.
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