According to the payroll data released by the Employees’ Provident Fund Organisation (EPFO) on March 24, 2024, the organisation added 16.02 lakh net members in January 2024. The month-on-month data shows that 8.08 lakh new members joined the organisation in January 2024.
The age group of 18-25 has constituted 56.41% of the total new members added in January 2024, indicating that the majority of the people joining the workforce are in the youth age group, especially first-time job seekers.
The data further reveals that 12.17 lakh members exited EPFO and subsequently rejoined the organisation. These employees transferred their accumulations to the new organisation instead of applying for final settlement, which helps safeguard their long-term financial security and extends their social security protection.
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It is also noteworthy that the number of female members joining the organisation stood at 3.03 lakh in January 2024, which is indicative of a broader shift towards a more inclusive and diverse workforce. The growth in the number of members in the industry-wise data shows that the establishment engaged in financing has witnessed the highest growth, followed by the manufacturing and marketing servicing and usage of computers, hospitals, etc.
The above payroll data is provisional as the updating of employee records is a continuous process, which leads to the data being updated every month.
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