March 25, 2024
Gender diversity in formal employment sees improvement, with around 205,000 new female members joining EPFO during the month
Most members opting for job transitions choose to transfer provident fund accumulations, ensuring continuity of long-term financial security
Industry-wise data highlights growth in finance, manufacturing, computer services, and healthcare sectors
EPFO releases provisional payroll data; revisions are made regularly, with data coverage spanning from September 2017 onwards since April 2018
The Employees’ Provident Fund Organization (EPFO) witnessed a significant increase in its membership in January 2024, adding a net total of 1.6 million subscribers, as revealed by recent payroll data.
According to a statement from the Ministry of Labour, approximately 808,000 individuals were newly enrolled during this period, marking their entry into the organised workforce.
The data further reveals that most of these new members, comprising 56.41%, fall within the age bracket of 18 to 25 years. This suggests a noteworthy trend wherein a significant portion of the workforce joining formal employment consists of young adults, many embarking on their maiden professional journeys.
Moreover, the payroll data underscores the fluidity of employment dynamics, with around 1.217 million members observed to have exited and subsequently re-entered EPFO. Upon changing jobs, these individuals opted to transfer their provident fund accumulations rather than seeking final settlement, thereby ensuring the continuity of their long-term financial security and social welfare benefits.
Regarding gender representation, out of the 808,000 new members, approximately 205,000 are females. Furthermore, the net addition of female members during the month stood at around 303,000, indicating a positive shift towards a more inclusive and diversified workforce.
A closer look at the industry-wise data on a month-on-month basis reveals growth, particularly in sectors such as financial services, manufacturing, computer-related services, and healthcare. Notably, about 40.71% of the total net membership is attributed to expertise-based services, including roles in manpower supply, security services, and various other related activities.
It’s important to note that the provided payroll data is provisional, given that updating employee records is ongoing. Consequently, the data from previous periods undergoes regular revisions. Since April 2018, EPFO has consistently released payroll data covering records from September 2017 onwards, showcasing the evolving landscape of formal employment in India.
Source: Business Standard