EPFO membership records notable surge in January 2024: Check figures
The Employees' Provident Fund Organisation (EPFO) experienced a significant rise in its membership, with a net addition of 1.602 million members in January 2024. This data was shared by the Ministry of Labour and Employment in a statement issued on Sunday. The report also underscored that nearly 808,000 members joined for the first time during this period.
Gender and age distribution of new EPFO enrolments
An analysis based on gender of the new enrolments in India showed that approximately 205,000 of these members are female. The net increase of female members in January was around 303,000, suggesting a trend toward a more diverse workforce. Moreover, the age bracket of 18-25 years dominated the new enrolments, constituting a significant 56.41% of the total new members added in January.
Job switchers choose EPFO re-enrolment
The payroll data also unveiled that nearly 1.217 million members exited and later rejoined the EPFO. These individuals changed jobs and opted to re-enroll in establishments covered under EPFO, transferring their savings instead of requesting a final settlement. This choice is viewed as a strategy to secure their long-term financial stability and extend their social security coverage.
Sector-wise rise in EPFO membership
A sector-wise analysis revealed an uptick in EPFO membership among establishments involved in finance, manufacturing, marketing services, computer usage, and hospitals. Expert services such as manpower suppliers, regular contractors, security services, and miscellaneous activities made up about 40.71% of the total net membership. This data suggests a widespread growth across diverse sectors contributing to the overall surge in EPFO membership.
