One of the World’s largest Social Security Organisations, Employees’ Provident Fund Organisation (EPFO) has released its provisional payroll data on 24th March 2024 highlights that a noticeable aspect of Youth (18-25 age) dominated in January 2024 New Member Additions Data.
The data is the dominant of the 18-25 age group, constituting a significant 56.41% of the total new members added in January 2024 indicating that most individuals joining the organized workforce are youth, primarily first-time job seekers.
The data indicates that around 8.08 lakh new members enrolled in January 2024. In December, 2023 around 8.41 lakh new members were enrolled.
In January 2024, EPFO registered 16.02 lakh new members, compared to 15.62 lakh in December.
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.).
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