EPFO Feb Payroll Data Reveals Over 56 Per Cent Of New Members Include Young Job Seekers

The data stated that 15.48 lakh net members were added to the EPFO payroll in the month under review, and about 7.78 lakh new members were enrolled in the period

The net female member addition during February 2024 stood at nearly 3.08 lakh ( Image Source :Getty )

The formal job market in India saw the entry of a majority of first-time job seekers in February 2024, official data showed. The provisional payroll data for the Employee Provident Fund Organisation (EPFO) for February 2024 revealed that more than 56 per cent of the new members enrolled in the initiative belonged to the 18-25 age group.

The data, released by the Ministry of Labour and Employment on Saturday, stated that 15.48 lakh net members were added to the EPFO payroll in the month under review, and about 7.78 lakh new members were enrolled in the period.

The official statement read, “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 employment figures showed that about 11.78 lakh members rejoined the EPFO after exiting. These individuals changed their jobs and transferred their accounts to their new employers. “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,” the ministry noted.

Gender-Based Findings

An analysis of the data based on gender revealed that about 2.05 lakh new members were females, out of the total 7.78 lakh new members. The net female member addition during February 2024 stood at nearly 3.08 lakh. This remained indicative of a ‘broader shift towards a more inclusive and diverse workforce’. 

Data Across Industries

When the data was compared amongst industries on a sequential basis, it revealed that members were added in firms working in industries, such as manufacturing, marketing servicing, usage of computers, companies/troupes/clubs for performances, road motor transport, automobile servicing, textiles, etc. 

Amongst the overall net membership, employees working in expert services such as contractors, security, manpower suppliers, etc, accounted for 41.53 per cent of the addition in the payroll figures. 

Notably, the payroll data is provisional as data generation is a regular process, and updating records is a continuous exercise. The EPFO releases payroll data every month and started the practice in April 2018, covering the data from September 2017 onwards.