Employees’ Provident Fund Organisation, EPFO has added 15.48 lakh net members in February 2024. EPFO’s provisional payroll data released today indicates that around 7.78 lakh new members have been enrolled during the month. A noticeable aspect of the data is the dominance of the 18 to 25 years age group, constituting a significant 56.36 per cent of the total new members added in February.
It indicates that the majority of individuals joining the organized workforce are youth, primarily first-time job seekers. The payroll data also 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.
They 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 7.78 lakh new members, over two lakh are new female members. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce.
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