The Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional payroll data’ report has showed 14.41 lakh net members have been added in the month of March 2024. The data indicated that around 7.47 lakh new members have been enrolled during March 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.83% of the total new members added in March 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
The payroll data also highlighted that approximately 11.80 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.
Further, the 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, Restaurant, Chartered or regd. accountants, Fish processing and non-veg food preservation, Beedi making etc. Of the total net membership, around 43% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).
