Retirement fund body EPFO adds 8.1 lakh new members in January 2024

The Employees' Provident Fund Organisation (EPFO) registered a net addition of 16.02 lakh members in January, including 8.08 lakh new members, according to provisional payroll data released by the retirement fund body. Out of the new members, a noteworthy 56.41 per cent enrolled during the month were in the age bracket of 18-25 years, according to an official release.

The data suggests that young people, primarily seeking their first jobs, made up the majority of the organised workforce entering the EPFO reach.

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Here are the key takeaways from the monthly EPFO report:

• Out of the 8.08 lakh new members, about 2.05 lakh were female.
• The net increase in female members for the month stood at around 3.03 lakh, suggesting an increase in female members in the direction of a more diverse and inclusive workforce.
• A month-over-month comparison of industry-specific data revealed an increase in the number of members employed hospitals, financing institutions, and companies operating in the areas of manufacturing, marketing, servicing, and computer usage establishments.
• Approximately 40.71 per cent of the total net membership belonged to professional services, including contractors, security services, labour providers, and other miscellaneous activities.
• Almost 12.17 lakh members left and then rejoined EPFO, signifying a change in their occupations and subsequent return to EPFO-administered establishments without filing for a final settlement but transferring their accumulations and preserving long-term financial stability.

In April 2018, the EPFO began disclosing payroll information for the period beginning September 2017.

The counts of members joining the EPFO for the first time using an Aadhaar-authenticated Universal Account Number (UAN), of members exiting EPFO coverage, and of members who left but rejoined as new members are taken into account to determine the net monthly payroll. The report also stated that payroll data was provisional due to the ongoing nature of both data generation and employee record updating.