EPFO for February 2024 reveals surge of 15.48 lakh net members

Of these additions, the 18-25 age group constitutes a significant 56.36%

Approximately 2.05 lakh new female members joined during the month

In the latest release of provisional payroll data by the Employees’ Provident Fund Organisation (EPFO) for February 2024, a notable surge of 15.48 lakh net members has been recorded.

Of these additions, the 18-25 age group constitutes a significant 56.36%, indicating a promising trend in youth employment. Additionally, there’s a positive upswing in female employment, with approximately 2.05 lakh new female members joining during the month.

This data underscores a diverse workforce landscape, with growth observed across various industries. The EPFO data paints an optimistic picture for both youth employment and inclusivity within the workforce.

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Furthermore, the data highlights intriguing insights into job mobility within the organised sector. Approximately 11.78 lakh members were noted to have exited and subsequently re-joined EPFO. This trend suggests a focus on long-term financial well-being and social security among the workforce.

Industry-wise analysis reveals growth across sectors such as manufacturing, computer services, road transport, and textiles. Notably, around 41.53% of the net membership additions are attributed to expert services, encompassing various activities like manpower suppliers, security services, and miscellaneous tasks.

It’s important to bear in mind that EPFO’s payroll data is provisional, given the continuous nature of data generation and updating employee records. The dynamism of employment trends in the organised sector is reflected in the monthly updates provided by EPFO.