New Delhi: Employees’ Provident Fund Organisation (EPFO) has added 15.48 lakh net members during February 2024. It was at 16 lakh in January 2024, a drop of 3.4%. The EPFO saw a 3.7% fall in new monthly subscribers’ addition in February to EPF at 7.77 lakh from 8.07 lakh in January 2024. The provisional payroll data released by EPFO revealed this.
Over 56% of the overall new members enrolled were first-time job seekers in the age group of 18-25. ‘The data indicates that around 7.78 lakh new members have been enrolled during February, 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.36% of the total new members added in February 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers,’ a statement released by EPFO said.
The payroll data highlights that approximately 11.78 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.
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Gender-wise analysis of payroll data unveils that out of 7.78 lakh new members, around 2.05 lakh are new female members.Also, the net female member addition during the month stood at around 3.08 lakh.
EPFO is the country’s principal organization responsible for providing social security benefits to the organized/semi-organized sector workforce covered under the EPF & MP Act, purview, 1952. The payroll data is provisional since the data generation is a continuous exercise, as the updation of employee records is a continuous process. The previous data hence gets updated every month.
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