One of the World’s largest Social Security Organisations, The Employees’ Provident Fund Organisation (EPFO) has released its provisional payroll data on 20th January, 2024.
The data highlights that EPFO has added 13.95 lakh net members in November 2023. However, In October 2023 EPFO added 15.29 lakh net members.
The data indicates that around 7.36 lakh new members enrolled in November 2023. The age group of 18-25 years constitutes 57.30% of total new members added during the month, showing that the majority of the members joining the organised sector workforce of the country are youth, who are mostly first-time job seekers.
The data indicates that around 7.72 lakh new members have come under the social security coverage of EPFO during October 2023.
In November, Payroll data reflects that approximately 10.67 lakh members exited but 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, extending their social security protection.
Gender-wise analysis of payroll data represents that out of the total 7.36 lakh new members added during the month, around 1.94 lakh are new female members, joining EPFO for the first time.
Also, the net female member addition during the month stood at around 2.80 lakh. Percentage of net female members out of net subscriber addition stood at 20.05%, which is highest since September, 2023, showing a growing participation of female employees in the organized sector workforce.
The net member addition is highest in the 5 states/ UTs of Maharashtra, Tamil Nadu, Karnataka, Haryana, and Delhi. These states constitute around 58.81% of net member addition, adding a total of 8.20 lakh members during the month. Maharashtra is leading by adding 21.60% of net members during the month.
Additionally, Of the total net membership, around 41.94% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities, etc.).
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