Payroll Data: EPFO adds 15.48 lakh net members during February 2024

0
257
Dollar - Business,Profit and More
Dollar - Business,Profit and More
0 0
Azadi Ka Amrit Mahoutsav

InterServer Web Hosting and VPS
Read Time:1 Minute, 59 Second

Payroll Data: EPFO adds 15.48 lakh net members during February 2024


7.78 lakh new members enrolled with EPFO during February, 2024

By PIB Delhi

EPFO’s provisional payroll data released on 20th April, 2024 highlights that EPFO has added 15.48 lakh net members in the month of February, 2024.

The data indicates that around 7.78 lakh new members have been enrolled during February, 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.36% of the total new members added in February 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.

The payroll data highlights that approximately 11.78 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.

Gender-wise analysis of payroll data unveils that out of 7.78 lakh new members, around 2.05 lakh are new female members. Also, the net female member addition during the month stood at around 3.08 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce.

Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the industries viz. establishments engaged in manufacture, marketing servicing & usage of computers, companies/societies/assc/clubs/troupes for performances, road motor transport, automobile servicing, 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.).

The above payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process. The previous data hence gets updated every month. From the month of April-2018, EPFO has been releasing payroll data covering the period 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 re-joining as members, is taken to arrive at net monthly payroll.

About Post Author

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Advertisements

USD





LEAVE A REPLY

Please enter your comment!
Please enter your name here