Employees’ Provident Fund Organization (EPFO), the body that manages the retirement fund, has added 16.02 lakh members in January 2024. This information has been received from the latest payroll data. The Labor Ministry said in a statement last Sunday that for the first time in January 2024, enrollment of about 8.08 lakh members was done. According to language news, the ministry said that according to the provisional payroll data of EPFO, EPFO has added a net of 16.02 lakh members in January 2024.
Most of the people attending are young
According to the latest data of EPFO, most of the new members added are in the age group of 18-25 years. Their number is 56.41 percent of the total new members added in January 2024. This shows that the majority of individuals joining the organized workforce are youth. These are mainly first-time job seekers. Payroll data shows that around 12.17 lakh members who had exited EPFO schemes re-joined.
These members changed their jobs and rejoined the establishments under the purview of EPFO. He chose to transfer his funds. According to the data, out of 8.08 lakh new members, about 2.05 lakh are women members. Apart from this, the number of net female members added in the month under review was approximately 3.03 lakh. Earlier, EPFO had added a net of 15.62 lakh members during December 2023.
Data generation is a continuous process
Payroll data is provisional. This is because data generation is a continuous process. Because updating employee records is a frequent process. Therefore the previous data is updated every month. Let us tell you, from April-2018 onwards, EPFO is releasing payroll data covering the period after September, 2017. The monthly payroll data includes the count of members joining EPFO for the first time through Universal Account Number (UAN), existing members exiting the coverage of EPFO and those who exited but re-joined as members, net of It is taken to reach menstruation.
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