The Staff’ Provident Fund Organisation (EPFO) provisional payroll information confirmed that the social safety physique added 15.48 lakh web members in February this 12 months. The info indicated that round 7.78 lakh new members have been enrolled within the month.
“A noticeable side of the information is the dominance of the 18-25 age group, constituting a major 56.36% of the entire new members added in February 2024 indicating nearly all of people becoming a member of the organized workforce are youth, primarily first-time job seekers,” EPFO mentioned in a press release.
The payroll information highlighted that roughly 11.78 lakh members exited and subsequently rejoined EPFO. “These members switched their jobs and re-joined the institutions coated below the ambit of EPFO and opted to switch their accumulations as a substitute of making use of for last settlement thus, safeguarding long-term monetary well-being and increasing their social safety safety,” the assertion additional mentioned.
Gender-wise evaluation of payroll information confirmed that of the 7.78 lakh new members, round 2.05 lakh are new feminine members. Additionally, the web feminine member addition in the course of the month stood at round 3.08 lakh. The feminine member addition is indicative of a broader shift in the direction of a extra inclusive and numerous workforce.
The industry-wise information confirmed progress within the members working in institutions engaged within the industries akin to manufacture, advertising and marketing servicing & utilization of computer systems, firms/societies/assc/golf equipment/troupes for performances, street motor transport, car servicing, textiles and so forth.
EPFO is without doubt one of the world’s largest social safety organisations by way of clientele and the quantity of monetary transactions undertaken.
EPFO registered over 19 per cent progress year-on-year to 1.65 crore members in 2023-24, as per the most recent payroll information, displaying enchancment within the employment state of affairs within the nation.
“In final 6 and half years alone, greater than 6.1 crore members joined the EPFO (Staff’ Provident Fund Organisation) fold, indicating formalisation of the job market,” a labour ministry official instructed information company PTI.
The info exhibits that the EPFO had added 61.12 lakh web subscribers in 2018-19, which elevated to 78.58 lakh in 2019-20.
Nonetheless, it dipped to 77.08 lakh in 2020-21, primarily because of the pandemic impact and improved once more to 1.22 crore in 2021-22 and 1.38 crore in 2022-23.
The web addition in EPFO subscriptions is an indicator of the extent of formalisation of the job market, and the protection of social safety advantages to the organised/ semi-organised sector workforce, the official added.
