EPFO adds 15.48 lakh net members in Feb as employment rises

  • IANS
  • Stock Market News
EPFO adds 15.48 lakh net members in Feb as employment rises
Credit: © Reuters.

New Delhi, April 20 (IANS) EPFO provisional payroll data released on Saturday showed that as many as 15.48 lakh net members have been added in February this year, reflecting the increased employment created in the country’s organised sector during the month.

The data also indicates that around 7.78 lakh new members have been enrolled in the EPFO during February of which the young 18-25 age group constitutes a significant 56.36 per cent.

This indicates that a majority of individuals joining the organised workforce are youth, primarily first-time job seekers, according to a statement issued by the Ministry of Labour and Employment.

The payroll data highlights that approximately 11.78 lakh members exited and subsequently rejoined EPFO. 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.

Gender-wise analysis of payroll data unveils that out of 7.78 lakh new members, around 2.05 lakh are new female members.

Also, the net female member addition during the month stood at around 3.08 lakh.

The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce.

Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the industries viz establishments engaged in manufacture, marketing servicing & usage of computers, companies in road motor transport, automobile servicing, textiles etc.

Of the total net membership, around 41.53 per cent addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).

--IANS

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