EPFO Adds Over 16 Lakh Subscribers In January 2024, With Youth Dominating Workforce
The latest provisional payroll data released by the Employees' Provident Fund Organization (EPFO) indicates a substantial increase in membership, with over 16.02 lakh subscribers added in January 2024.
Among these, approximately 8.08 lakh individuals were enrolled for the first time, a significant influx of new members into the organised workforce, according to a statement from the labour ministry.
A noteworthy aspect of the data is the prominence of the 18-25 age group, which accounted for a substantial 56.41 per cent of the total new members added during the month. This suggests that a majority of individuals entering the organised workforce are young, likely first-time job seekers, contributing to the dynamic composition of the labor market.
Interestingly, around 12.17 lakh members were observed to have exited and subsequently rejoined EPFO, possibly due to job switches. Rather than applying for final settlement, these individuals chose to transfer their accumulations, indicating a focus on long-term financial security and social protection.
Gender-wise analysis revealed a positive trend towards gender diversity, with approximately 2.05 lakh new female members joining EPFO in January 2024. The net addition of female members during the month stood at around 3.03 lakh, reflecting a broader shift towards inclusivity and diversity within the workforce.
Industry-wise comparisons showcased growth in membership across various sectors, including financing establishments, manufacturing, marketing, servicing of computers, and hospitals. Around 40.71 per cent of the total net membership was attributed to expert services, encompassing manpower suppliers, contractors, security services and other miscellaneous activities.
