Provisional salary data from EPFO, which came out on May 20, 2024, shows that the organisation gained 14.41 lakh net members in March 2024.
These numbers show that about 7.47 lakh new people joined in March 2024. The data shows that most of the new members were between the ages of 18 and 25, making up 56.83% of all new members in March 2024. This indicates that the majority of individuals joining the organized workforce are young individuals, primarily those seeking their first job.
According to the payroll statistics, about 11.80 lakh members left EPFO and then returned. These members switched jobs and returned to EPFO-covered employers. They also chose to transfer their accumulations instead of asking for a final settlement, which protected their long-term financial health and increased their social security benefits.
Payroll statistics broken down by gender show that of the 7.47 lakh new members, about 2 lakh are women. Also, about 2.90 lakh more women joined the group during the month. Adding a woman to the group is a sign of a larger trend towards a more open and diverse staff.
By comparing data from one month to the next by industry, we can see that the number of members working in places like manufacturing, marketing, computer use, restaurants, chartered or registered accountants, fish processing and non-vegetarian food preservation, beedi making, and so on has grown. Expert services, such as staffing firms, general contractors, security services, and other activities, add about 43% to the total net membership.
The salary information displayed above is only temporary, as it is constantly being generated due to the constant updating of employee records. Therefore, we update the old information every month. Starting in April 2018, EPFO has been releasing payroll statistics since September 2017. Add up the number of new members who joined EPFO through an Aadhaar-verified universal account number (UAN), the number of current members who ceased EPFO coverage, and the number of former members who rejoined as members to find the net monthly payroll.
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