Payroll Data: EPFO adds 16.02 lakh net members during January 2024
8.08 lakh new members enrolled with EPFO during January, 2024
EPFO’s provisional payroll data released on 24th March,
2024 highlights that EPFO has added 16.02 lakh net members in the month of January,
2024.
The data indicates that around 8.08 lakh new
members have enrolled during January, 2024. A noticeable aspect of the data is
the dominance of the 18-25 age group, constituting a significant 56.41% of the
total new members added in January 2024 indicating the majority of individuals
joining the organized workforce are youth, primarily first-time job seekers.
The payroll data highlights that approximately
12.17 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 unveils that
out of 8.08 lakh new members, around 2.05 lakh are new female members. Also,
the net female member addition during the month stood at around 3.03 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 displays
growth in the members working in establishments engaged in the industries
viz. Financing establishment, Establishment engaged in manufacture &
marketing servicing & usage of computers, Hospitals etc. Of the total
net membership, around 40.71% addition is from expert services
(consisting of manpower suppliers, normal contractors, security services,
miscellaneous activities etc.).
The above payroll data is provisional since the
data generation is a continuous exercise, as updating employee record is a
continuous process. The previous data hence gets updated every month. From the
month of April-2018, EPFO has been releasing payroll data covering the period
September, 2017 onwards. In monthly payroll data, the count of members joining
EPFO for the first time through Aadhaar validated Universal Account Number
(UAN), existing members exiting from coverage of EPFO and those who exited but
re-joining as members, is taken to arrive at net monthly payroll.