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The latest provisional payroll data released by the Employees’ Provident Fund Organisation (EPFO) sheds light on the dynamics of India’s organized workforce, revealing significant trends and patterns in job enrollments.
In February 2024, EPFO witnessed a substantial addition of 15.48 lakh net members, indicating a steady growth trajectory in formal employment. Notably, around 7.78 lakh new members were enrolled during this period, signifying a robust influx of fresh talent into the organized sector.
A noteworthy aspect of the data is the dominance of the 18-25 age group, constituting a staggering 56.36% of the total new members added in February 2024. This trend underscores the preference of young individuals, primarily first-time job seekers, towards formal employment opportunities.
Furthermore, the payroll data highlights a significant churn in the workforce, with approximately 11.78 lakh members exiting and subsequently rejoining EPFO. These members, while switching jobs, opted to transfer their accumulations instead of applying for final settlement, emphasizing their commitment to long-term financial stability and social security protection.
Gender-wise analysis reveals a positive trend, with around 2.05 lakh new female members joining EPFO in February 2024. Moreover, the net female member addition stood at approximately 3.08 lakh, indicating a progressive shift towards a more gender-inclusive workforce.
“Industry-wise comparison of the data showcases growth in sectors such as manufacturing, computer services, automobile servicing, textiles, and more. Notably, around 41.53% of the total net membership addition is attributed to expert services, encompassing various sectors like manpower suppliers, security services, and miscellaneous activities”.
It’s important to note that the provided payroll data is provisional, as EPFO continuously updates employee records, reflecting the dynamic nature of the workforce. EPFO has been releasing monthly payroll data since April 2018, covering the period from September 2017 onwards, providing valuable insights into the evolving landscape of formal employment in India.
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