The latest data from the Employees’ Provident Fund Organisation (EPFO), released on May 20, 2024, reveals a significant surge in membership numbers for March 2024. The EPFO added a net total of 14.41 lakh members during this month alone, reflecting a dynamic shift in the organized workforce landscape.
A substantial part of this growth is attributed to the enrollment of approximately 7.47 lakh new members. Notably, the 18-25 age group made up a significant 56.83% of these new members, indicating a fresh wave of young job seekers entering the workforce. This demographic trend underscores a youthful influx, with many first-time job seekers beginning their professional journeys in various sectors.
Women’s Workforce Growing Stronger
Delving deeper into the data, there’s an impressive trend concerning female participation in the workforce. Around 2 lakh new female members joined the EPFO in March 2024, with the net addition of female members reaching approximately 2.90 lakh. This marks a significant shift towards a more inclusive and diverse workforce, highlighting ongoing efforts to bridge gender gaps in employment.
Job Transitions Reflect Workforce Stability
Another interesting aspect of the EPFO data is the movement of existing members. About 11.80 lakh members exited and then rejoined the EPFO, indicating frequent job transitions within the establishments covered by the organization. Instead of opting for final settlements, these individuals chose to transfer their accumulations, ensuring continued financial stability and extending their social security coverage. This behavior underscores a growing awareness of the benefits of maintaining long-term financial security through EPFO’s provisions.
Also Read: Understanding Your Employer’s EPF Setup and Maximize Your Tax Benefits
Sector-Wise Growth and Expertise Services in EPFO
When we break down the data by industry, there’s noticeable growth across several sectors. Key areas of employment include manufacturing, marketing, IT and computer usage, restaurants, accounting, fish processing, and non-vegetarian food preservation. Expert services—comprising manpower supply, contracting, security services, and various other miscellaneous services—stood out, contributing to around 43% of the total net membership addition. This reflects the evolving needs and expansion of the modern workforce in diverse fields.
EPFO has been generating and updating this data regularly since April 2018, covering new member registrations via Aadhaar-validated Universal Account Numbers (UAN), exits, and rejoiners. This ongoing exercise offers valuable insights into net monthly payroll trends, helping to track and understand the dynamics of India’s workforce more comprehensively.