Retirement fund body EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday. Around 8.08 lakh members were enrolled for the first time in January 2024, a labour ministry statement said on Sunday.
Notably, the 18-25 age group emerged as the dominant segment, constituting a significant 56.41% of the total new members added. This trend highlights the youth’s growing presence in the organised workforce, with many being first-time job seekers entering the job market.
The payroll data also sheds light on the mobility of EPFO members, with around 12.17 lakh members exiting and subsequently rejoining EPFO. These members opted to transfer their accumulations while transitioning between jobs, highlighting a strategic approach towards safeguarding long-term financial well-being and extending social security protection.
In terms of gender representation, out of the 8.08 lakh new members, approximately 2.05 lakh are new female members. Furthermore, the net addition of female members during the month stood at around 3.03 lakh. This increase not only signifies a broader shift towards a more inclusive and diverse workforce but also reflects efforts to promote gender inclusivity within EPFO-covered establishments.
A month-on-month comparison of industry-wise data indicates growth in members working in sectors such as financing establishments, establishments engaged in the manufacture, marketing, servicing, and usage of computers, as well as hospitals.
Around 40.71% of the total net membership addition is attributed to expert services, including manpower suppliers, normal contractors, security services, and miscellaneous activities.
It’s important to note that the provided payroll data is provisional, as the process of updating employee records is continuous.
EPFO has been consistently releasing monthly payroll data since April 2018, covering the period from September 2017 onwards. This data includes counts of members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those rejoining as members after a temporary exit, providing valuable insights into net monthly payroll figures.