Business

EPFO Adds 14.41 Lakh Net Members In March 2024, Most New Entrants Youth

The latest provisional payroll data released by the Employees’ Provident Fund Organization (EPFO) under the aegis of the Ministry of Labour and Employment unveils an addition of 14.41 lakh net members during March 2024.

This data, disclosed on Monday, underscores the trends shaping India’s workforce landscape and highlights strides towards inclusivity and financial security.

The figures reveal that 7.47 lakh new members were enrolled with EPFO during March 2024, signifying an influx into the organized workforce. Notably, the data spotlights the dominance of the 18-25 age group, constituting a remarkable 56.83 per cent of the total new members added in March 2024.

This trend indicates a burgeoning number of youth entering the organized sector, primarily as first-time job seekers, underpinning the vitality of youth employment initiatives and economic empowerment programs.

Crucially, the payroll data shows a noteworthy pattern of job mobility and continuity within the EPFO framework.

Approximately 11.80 lakh members exited and subsequently rejoined EPFO establishments, reflecting a proactive approach towards career transitions and social security planning. These members opted to transfer their accumulations rather than applying for final settlement, thereby safeguarding their long-term financial well-being and extending their social security protection.

In a stride towards gender inclusivity, the gender-wise analysis of payroll data reveals promising trends. Out of the 7.47 lakh new members, approximately 2 lakh are female, with the net female member addition during the month standing at around 2.90 lakh.

This surge in female membership signifies a broader shift towards a more inclusive and diverse workforce, reflecting concerted efforts to bridge gender disparities and promote equal opportunities in the employment landscape.

An examination of industry-wise data unveils growth in members employed across various sectors. Industries such as manufacturing, marketing services, computer usage, restaurants, chartered or registered accountancy, fish processing, non-vegetarian food preservation, and beedi making have witnessed increments in workforce participation.

Particularly noteworthy is the 43 per cent addition from expert services, comprising manpower suppliers, normal contractors, security services, and miscellaneous activities, underlining the multifaceted nature of India’s evolving labor market.

It is imperative to note that the provided payroll data remains provisional, given the continuous nature of data generation and record updating within EPFO.

(ANI)

Also Read: 60.09% Voter Turnout Recorded Till 11:30 pm In 5 Phase Of Lok Sabha Elections

 

Shivanshi Srivastava

Recent Posts

Three killed In Firing As Violence Breaks Out Amid Sambhal Mosque Survey In UP

The victims, Naeem, Bilal, and Noman, died after clashes broke out. Around 20 to 22…

5 hours ago

US SEC Has No jurisdiction To Summon Foreign National; Adani Notice To Go Via ‘Proper Channel’

The SEC must follow diplomatic channels to serve the summons. The summons will go through…

6 hours ago

Hemant Soren To Take Oath As Jharkhand CM For Fourth Time On Nov 28

Soren will become Jharkhand’s first leader to serve four terms as Chief Minister. He previously…

6 hours ago

IPL 2025 Auction: Rishabh Pant Sets Record With Rs 27 Crore Bid By Lucknow Super Giants

The Rs 27 crore bid surpassed Shreyas Iyer's earlier record-breaking Rs 26.75 crore purchase by…

7 hours ago

Pichchha Muslim Samaj Utthan Samiti’s Appeal Secures Backward Muslim Support For NDA In Maharashtra

Alhaji Muhammad Irfan Ahmed, head of the Samiti, congratulated Prime Minister Narendra Modi, BJP President…

8 hours ago

BGT 2024-25: Virat Kohli Hits 30th Test Hundred As India Set A Target Of 534 For Australia

Kohli’s unbeaten 100 off 143 balls, featuring eight fours and two sixes, was his seventh…

9 hours ago