15.48 lakh new net members joined the Employees’ Provident Fund Organization (EPFO) in February 2024. Approximately 7.78 lakh new members have joined EPFO throughout the month, according to the organization’s preliminary payroll data, which was made public today. One striking feature of the statistics is how prevalent the 18 to 25 year old age group is, making up a substantial 56.36 percent of all new members recruited in February.
It shows that adolescents, especially those seeking their first jobs, make up the majority of those entering the organized workforce. Additionally, the payroll data shows that about 11.78 lakh members left EPFO and then returned. These members resumed employment with organizations that fall under EPFO’s purview.
Instead of filing for final settlement, they chose to transfer their accumulations, preserving their long-term financial security and extending their social security benefits. An examination of payroll data by gender reveals that more over two lakh of the 7.78 lakh new members are female. The increase in female members is a sign of a larger movement in the direction of a more diverse and inclusive workforce.