Global Economy

EPFO Payroll data shows surge in youth employment; 15.48 lakh net members added in February 2024

The Employees’ Provident Fund Organisation (EPFO) has released its provisional payroll data for February, 2024, indicating a positive trend in employment numbers. According to the data, there has been a net addition of 15.48 lakh members during the month, highlighting a growth in the organised workforce. The data also reveals interesting insights into the demographic and gender distribution of new members, indicating a positive outlook for youth employment and inclusivity in the workforce.
One of the key highlights of the data is the dominance of the 18-25 age group, which constitutes a significant 56.36% of the total new members added in February 2024. This indicates that the majority of individuals joining the organised workforce are youth, primarily first-time job seekers. The data also reveals a positive trend in female employment, with around 2.05 lakh new female members added during the month, accounting for a significant portion of the total new additions.

The payroll data also sheds light on the job mobility within the organised sector, with approximately 11.78 lakh members exiting and subsequently rejoining EPFO. These members switched jobs, re-joined the establishments covered under the ambit of EPFO, and opted to transfer their accumulations instead of applying for final settlement. This trend indicates a focus on long-term financial well-being and social security protection among the workforce.

A gender-wise analysis of the payroll data further reveals that out of 7.78 lakh new members, around 2.05 lakh are new female members, indicating a broader shift towards a more inclusive and diverse workforce. The net female member addition during the month stood at around 3.08 lakh, further highlighting the positive trend in female employment.

Month-on-month comparison of industry-wise data displays growth in the number of members working in establishments engaged in various industries, including manufacture, marketing servicing & usage of computers, road motor transport, textiles, etc. Of the total net membership, around 41.53% addition is from expert services, consisting of manpower suppliers, normal contractors, security services, miscellaneous activities, etc.

It is important to note that the payroll data released by EPFO is provisional since data generation is a continuous exercise, and updating employee records is an ongoing process. The previous data gets updated every month, reflecting the dynamic nature of employment trends in the organised sector.Since April 2018, EPFO has been releasing payroll data covering the period from September 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO, and those who exited but are re-joining as members, is taken to arrive at net monthly payroll. This data provides valuable insights into the trends and dynamics of employment in the organised sector, reflecting a positive outlook for youth employment and inclusivity in the workforce.

(With inputs from ANI)


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