According to provisional data of the Ministry of Labour and Employment, EPFO added 19.29 lakh net members during June this year, registering an increase of 7.86 per cent over the corresponding month last year, indicating rising employment, growing awareness of employee benefits, and efficacy of the organisation's outreach programmes.
Data shows that new enrollments for the month of June 2024 have taken place and stand at about 10.25 lakh. As compared to the previous month, May 2024, it added 4.08 percent of new members, while as compared to the same month last year in June 2023, it went up by 1.05 percent.
One of the noticeable aspects of data is that the 18-25-year-old group dominates the scene, with a significant 59.14 per cent of the total new members added during June 2024 alone. This was also in consonance with the earlier trend, indicating that most of the people who join the organized workforce are youth, basically first-time job seekers, as per the official statement.
The payroll data further reveals that approximately 14.15 lakh members have left and rejoined EPFO. This is an increase of 11.79% year-on-year since June 2023. The members changed jobs and re-joined establishments covered under the aegis of EPFO, opting to transfer their accumulations rather than demand final settlement and thus secured their long-term financial gains and continued to be covered under social security.
Gender-wise analysis of payroll data reveals that out of the total new subscribers added during the month, about 2.98 lakh are female new subscribers. Total number of female members stands at around 276.14 lakhs as of August 18. This reflects year-on-year growth of 5.88 per cent compared to June 2023. Also, the net female member addition during the month stood at around 4.28 lakh, reflecting a year-over-year growth of 8.91 per cent compared to June 2023. The surge in female members added is one pointer to a larger change toward more inclusive and varied workforce, an official statement added.
State-wise payroll data analysis indicates that net member addition is maximum in Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana. These five states contribute approximately 61.16 per cent to the net member addition, adding a total of 11.8 lakh net members during the month. Of all states, Maharashtra is leading with the addition of 21.09 per cent of net members during the month.
The establishment-wise data, therefore, reveals that the industry-wise data shows a considerable growth in membership of these kinds of establishments engaged in industries as university, college, school etc, financing establishment, general insurance, societies clubs or associations, electronic media companies in the private sector etc. Of the total net membership, about 40.70 per cent comes from expert services alone.
The payroll data is provisional since generation of data is continuous, as in the continuously updating process of employee records. Previous data gets updated every month, the official statement added.
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