EPFO releases Payroll Data, adding almost 16.02 lakh new subscribers in Jan

As per the Fund Regulating Authority, EPFO has added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday. Around 8.08 lakh members were enrolled for the first time in January 2024, as per the provisional data released.

EPFO releases Payroll Data, adding almost 16.02 lakh new subscribers in Jan

Notably, the 18-25 age group emerged as the dominant segment, constituting a significant 56.41% of the total new members added. The data shows a significant trend of the youth’s growing presence in the organized workforce, with many being first-time job seekers entering the job market.

The payroll data also sheds light on the mobility of EPFO members, with around 12.17 lakh members exiting and subsequently rejoining EPFO. These members opted to transfer their accumulations while transitioning between jobs, highlighting a strategic approach towards safeguarding long-term financial well-being and extending social security protection.

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As per the gender representation, out of the 8.08 lakh new members, approximately 2.05 lakh are new female members. Furthermore, the net addition of female members during the month stood at around 3.03 lakh. This increase not only signifies a broader shift towards a more inclusive and diverse workforce but also reflects efforts to promote gender inclusivity within EPFO-covered establishments.

Around 40.71% of the total net membership addition is attributed to expert services, including manpower suppliers, normal contractors, security services, and miscellaneous activities.

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The Payroll Data includes counts of members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those rejoining as members after a temporary exit, providing valuable insights into net monthly payroll figures.

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