Payroll Data: EPFO Adds 14.41 Lakh Net Members During March 2024

GG News Bureau
New Delhi 21st May. The Employees’ Provident Fund Organisation (EPFO) released provisional payroll data on 20th May 2024, indicating a significant addition of 14.41 lakh net members in March 2024.

The data shows that around 7.47 lakh new members were enrolled with the EPFO during March 2024. Notably, the 18-25 age group dominates these enrollments, making up 56.83% of the total new members. This statistic highlights that the majority of individuals joining the organized workforce are young, primarily first-time job seekers.

Additionally, the payroll data reveals that approximately 11.80 lakh members exited and subsequently rejoined EPFO. These members, after switching jobs, opted to transfer their accumulations instead of applying for final settlement, thereby safeguarding their long-term financial well-being and extending their social security protection.

A gender-wise analysis of the payroll data shows that out of the 7.47 lakh new members, around 2 lakh are new female members. The net addition of female members during the month stood at approximately 2.90 lakh, reflecting a broader shift towards a more inclusive and diverse workforce.

A month-on-month comparison of industry-wise data indicates growth in members working in establishments engaged in various industries such as manufacturing, marketing, servicing, computer usage, restaurants, chartered or registered accountants, fish processing, and non-vegetarian food preservation, as well as beedi making. Of the total net membership, around 43% comes from expert services, including manpower suppliers, normal contractors, security services, and miscellaneous activities.

The payroll data remains provisional as the generation of data is an ongoing exercise, with employee records continuously updated. The previous data is updated every month accordingly. Since April 2018, the EPFO has been releasing payroll data covering the period from September 2017 onwards. The monthly payroll data includes the count of members joining the EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting from EPFO coverage, and those who exited but rejoined as members, to arrive at the net monthly payroll figures.