The Employees' Provident Fund Organisation (EPFO) added 15.48 lakh net members in February 2024, according to provisional payroll data. This indicates that approximately 7.78 lakh new members were enrolled during the month.
A significant aspect of the data is the dominance of the 18-25 age group, constituting 56.36% of the new members. This suggests that a majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
The data also highlights that approximately 11.78 lakh members exited and subsequently rejoined EPFO. These members switched jobs and opted to transfer their accumulations instead of applying for final settlement, safeguarding their long-term financial well-being and extending their social security protection.
Gender-wise analysis shows that of the 7.78 lakh new members, around 2.05 lakh are new female members. The net female member addition during the month stood at around 3.08 lakh, indicating a shift towards a more inclusive and diverse workforce.
Industry-wise data shows growth in the members working in establishments engaged in industries such as manufacture, marketing servicing & usage of computers, companies/societies/assc/clubs/troupes for performances, road motor transport, automobile servicing, and textiles.
EPFO registered over 19 per cent growth year-on-year to 1.65 crore members in 2023-24, showing improvement in the employment situation in the country. In the last six and a half years alone, more than 6.1 crore members joined the EPFO, indicating formalisation of the job market.
The net addition in EPFO subscriptions is an indicator of the extent of formalisation of the job market and the coverage of social security benefits to the organised/ semi-organised sector workforce.