According to the provisional payroll data released by the Employees' Provident Fund Organisation (EPFO), 14.41 lakh net members were added in March 2024, while 7.47 lakh new members during the same period. In March, 56.83 per cent of new members were aged 18-25, indicating that the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
The EPFO also witnessed a significant increase in members, with 2 lakh females among 7.47 lakh joining in March, indicating a shift towards a more diverse workforce, with over 6.1 crore members joining over the past 6.5 years. Rise in the sectors including manufacturing, marketing services, computer usage, and restaurants, along with 43 per cent of net membership coming from the expert services industry. The EPFO hereby witnessed a significant increase in net members, with 11.80 lakh returning after leaving earlier. This was due to members switching jobs and choosing long-term financial well-being.
As the data is provisional and updated every month, it shows an addition of 15.48 lakh net members in February, with 7.78 lakh new members enrolled. The data shows a continuous increase from 61.12 lakh in 2018-19 to 78.58 lakh in 2019-20. but a dip in 2020-21 due to the pandemic.
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