Key Points
Retirement fund body EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday..
The Employees'' Provident Fund Organization's (EPFO) provisional payroll highlighted that the EPFO has added 16.02 lakh members on a net basis in January 2024, the ministry said...
A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.41 per cent of the total new members added in January 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers...
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, it stated...
In monthly payroll data, the count of members joining the EPFO for the first time through a validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joining as members, is taken to arrive at net monthly payroll..
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20, Jan, 24As per the provisional payroll data, released by the ministry of labour and employment, EPFO also registered a decline of 9.15% in formal job creation month-on-month as 1.53 million net new jobs were created in the retirement fund body in October 2023.
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20, Nov, 23Provisional payroll data of EPFO, released on Monday, shows 1.72 million net new jobs were created in September compared to 1.69 million added in August this year or 1.68 million added during the same month last year.
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21, Dec, 23The Employees Provident Fund Organisation (EPFO) has reported a substantial surge in its membership, with a total of 15.29 lakh net members joining in October t
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20, Mar, 23Month-on-month comparison of the addition of formal workforce, however, shows an increase of 15.6% with December net employee addition at 1.28 million compared to 1.48 million in January.
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21, Feb, 24As per the payroll data released by the ministry of labour and employment on Tuesday, the year-on-year net new subscribers addition to EPFO was higher by 4.62% when compared to 1.49 million net new subscribers added in December 2022. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFOs outreach programs, the labour ministry said
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