• Source:PTI
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EPFO: Employees Provident Fund Organization (EPFO) added a record 18.92 lakh members in April, the payroll data released on Thursday showed. The increase during the month was the highest since the first payroll data was published in April 2018, a Labour Ministry statement said.

It said there was a net addition of 31.29 percent members in April 2024 over March 2024. According to the statement, the EPFO's provisional payroll data released on Thursday highlighted that it added 18.92 lakh net members in April. Further, the annual analysis revealed a 10 percent growth in net member addition.

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The increase in membership can be attributed to various factors, including increased employment opportunities, growing awareness of employee benefits, and the effectiveness of EPFO's awareness programs, the statement said. The data indicated that around 8.87 lakh new members joined in April 2024.

One noticeable aspect of the data is the dominance of the 18-25 age group, which accounts for a whopping 55.50 percent of the total new members added in April. This is in line with the previous trend, indicating that most of the persons joining the organised workforce are young people, a majority of whom are first-time job seekers.

The payroll data highlighted that around 14.53 lakh members exited and subsequently rejoined EPFO. These members changed jobs, rejoined establishments under the purview of EPFO, and chose to transfer their accumulations rather than apply for final settlement, thus preserving their long-term financial well-being and extending their social security coverage.

Gender analysis of the payroll data revealed that out of 8.87 lakh new members, about 2.49 lakh are women members. The net addition of female members during the month amounted to about 3.91 lahks, reflecting an increase of about 35.06 percent over March. The increase in female members indicates a broader shift towards a more inclusive and diverse workforce. Analysis of the state-level payroll data revealed that the net addition of members was highest in Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana. These states constitute about 58.30 percent of the net addition of members.

Among all the states, Maharashtra leads by adding 20.42 percent net members during the month. A monthly comparison of industry-wise data showed significant growth in the number of members working in organisations operating in industries such as expert services, commercial establishments, etc.

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Of the total net members, 41.41 percent addition came from expert services (comprising manpower suppliers, regular contractors, security services, miscellaneous activities, etc.). The statement said that the above-mentioned payroll data is provisional as data generation is an ongoing process, adding that the previous data is updated every month.

From April 2018, EPFO releases the payroll data, covering the period from September 2017 onwards. In the monthly payroll data, the number of members joining EPFO for the first time through an Aadhaar-authenticated Universal Account Number (UAN), existing members exiting from EPFO coverage, and those exiting but re-joining as members are taken into account to arrive at the net monthly payroll.

(With PTI's Input)