The Staff’ Provident Fund Organisation (EPFO) provisional payroll knowledge confirmed that the social safety physique added 15.48 lakh web members in February this 12 months. The info indicated that round 7.78 lakh new members have been enrolled within the month.
“A noticeable facet of the information is the dominance of the 18-25 age group, constituting a big 56.36% of the overall new members added in February 2024 indicating nearly all of people becoming a member of the organized workforce are youth, primarily first-time job seekers,” EPFO stated in an announcement.
The payroll knowledge highlighted that roughly 11.78 lakh members exited and subsequently rejoined EPFO. “These members switched their jobs and re-joined the institutions lined beneath the ambit of EPFO and opted to switch their accumulations as an alternative of making use of for ultimate settlement thus, safeguarding long-term monetary well-being and increasing their social safety safety,” the assertion additional stated.
Gender-wise evaluation of payroll knowledge confirmed that of the 7.78 lakh new members, round 2.05 lakh are new feminine members. Additionally, the web feminine member addition throughout the month stood at round 3.08 lakh. The feminine member addition is indicative of a broader shift in the direction of a extra inclusive and various workforce.
The industry-wise knowledge confirmed development within the members working in institutions engaged within the industries equivalent to manufacture, advertising and marketing servicing & utilization of computer systems, firms/societies/assc/golf equipment/troupes for performances, street motor transport, car servicing, textiles and many others.
EPFO is without doubt one of the world’s largest social safety organisations when it comes to clientele and the quantity of economic transactions undertaken.
EPFO registered over 19 per cent development year-on-year to 1.65 crore members in 2023-24, as per the newest payroll knowledge, displaying enchancment within the employment state of affairs within the nation.
“In final 6 and half years alone, greater than 6.1 crore members joined the EPFO (Staff’ Provident Fund Organisation) fold, indicating formalisation of the job market,” a labour ministry official informed information company PTI.
The info reveals that the EPFO had added 61.12 lakh web subscribers in 2018-19, which elevated to 78.58 lakh in 2019-20.
Nonetheless, it dipped to 77.08 lakh in 2020-21, primarily as a result of pandemic impact and improved once more to 1.22 crore in 2021-22 and 1.38 crore in 2022-23.
The online addition in EPFO subscriptions is an indicator of the extent of formalisation of the job market, and the protection of social safety advantages to the organised/ semi-organised sector workforce, the official added.
