Team Blitz India
NEW DELHI: The provisional payroll data released on May 20 showed that EPFO added 14.41 lakh net members in March. The data indicates that around 7.47 lakh new members have been enrolled during March 2024.
A noticeable aspect is the dominance of the 18-25 age group constituting a significant 56.83percent of the total new members added in March, which indicates that the majority of individuals joining the organised workforce are youth and are primarily first-time job seekers.
According to the data, approximately 11.80 lakh members exited andsubsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.
A gender-wise analysis of payroll data unveils that of 7.47 lakh new members around 2 lakh are females. The net female member addition during March stood at around 2.90 lakh. The addition is indicative of a broader shift towards a more inclusive and diverse workforce.
