EPFO Payroll Data for January 2024

Summary and Important Points:

1. Member Enrollment

• Total Net Members Added: 16.02 lakh in January 2024.

• New Members: 8.08 lakh, with a significant 56.41% from the 18-25 age group.

2. Job Switching and Rejoining

• Rejoined Members: 12.17 lakh members exited and subsequently rejoined EPFO, preferring to transfer funds instead of final settlement.

3. Gender Analysis

• New Female Members: 2.05 lakh out of 8.08 lakh.

• Net Female Member Addition: 3.03 lakh, showing a trend towards a more diverse workforce.

4. Industry Growth

• Key Industries: Finance, IT, Healthcare.

• Service Sector: 40.71% of total net addition from expert services.

5. Data Continuity and Verification

• Data Nature: Provisional, subject to monthly updates.

• Data Coverage: From September 2017 onwards, analyzed through Aadhaar validated UAN.

Additional Information

• EPFO: Employees' Provident Fund Organisation.

• Age Group Dominance: Young workforce entering the organized sector.

• Social Security: Importance of EPFO in ensuring long-term financial well-being.

Examination Perspective and Concise Points for Use

• Workforce Trends: Analyzing the young demographic entering the workforce.

• Social Security Measures: Role of EPFO in safeguarding employees’ financial futures.

• Gender Inclusion: Increasing participation of women in the workforce.

Key Words to Remember

• EPFO

• Payroll Data

• Youth Employment

• Gender Diversity

• Social Security

Link to Article : Press Information Bureau (pib.gov.in)

Released On : 24 March 2024