News: EPFO adds 14.41 lakh net new members in March 2024

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EPFO adds 14.41 lakh net new members in March 2024

The EPFO data highlights that majority entering the organised workforce are young people and first-time job seekers.
EPFO adds 14.41 lakh net new members in March 2024

The Employees' Provident Fund Organisation (EPFO) released its provisional payroll data for March 2024 on May 20, revealing that it added 14.41 lakh net new members during the month. 

According to the data, around 7.47 lakh new members enrolled with EPFO in March. A notable aspect is the dominance of the 18-25 age group, constituting 56.83% of the total new members, indicating that a majority joining the organised workforce are youth and first-time job seekers.

The payroll numbers also highlight that approximately 11.80 lakh members exited and subsequently rejoined EPFO after switching jobs. By transferring their accumulations instead of applying for final settlement, these members safeguarded their long-term financial well-being and extended their social security protection.

A gender-wise analysis shows that out of the 7.47 lakh new members, around 2 lakh were female members. The net addition of female members during March stood at around 2.90 lakh, indicative of a broader shift towards a more inclusive and diverse workforce.

In terms of industry growth, establishments engaged in manufacturing, marketing, computer services, restaurants, chartered accountancy, fish processing, beedi making, etc. exhibited an increase in member additions. Around 43% of the total net membership additions came from expert services including manpower suppliers, contractors, security services, and miscellaneous activities.

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Topics: Business, Employment Landscape, #HRCommunity

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