The retirement fund body, Employees’ Provident Fund Organisation (EPFO) made a net addition of 16.02 lakh members in January 2024. This number includes 8.08 lakh new members, as per the provisional payroll data released by the organisation. A significant 56.41 per cent of these new members were youngsters in the age range of 18-25 years. That is, first-time job seekers.
It is pertinent to mention that 2.05 lakh women were part of these new members. Therefore, there has been a net increase of 3.03 lakh in the number of women. There is hope yet for improved diversity and inclusion in the Indian workforce.
The number of EPFO members who have found jobs in hospitals, financial institutions, computer firms, marketing companies, servicing establishments and manufacturing firms has increased. Those employed in professional services, such as security personnel, contractors, labour providers and others form about 40.71 per cent of the total net membership.
Nearly 12.17 lakh members left EPFO and returned, indicating change of jobs. That means, more workers are keen to accumulate their money and transfer the same instead of going for final settlement in the event of a job change. Interest in ensuring long-term financial stability prevails.
The net monthly payroll data is based on the number of members joining the EPFO for the first time using an Aadhaar-authenticated Universal Account Number (UAN), and members leaving the scheme, as well as those who leave and rejoin.
