New Delhi, May 20 (Mayank Nigam) Retirement fund manager Employees’ Provident Fund Organisation (EPFO) added 14.41 lakh net members during March 2024 reflecting job prospects in the formal sector. As per EPFO’s provisional payroll data released by Ministry of Labour and Employment on Monday, as many as 7.47 lakh new members enrolled with EPFO in March this year. “A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.83% of the total new members added in March 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers,” Ministry of Labour and Employment said in a press release.
The provisional payroll data showed that about 11.80 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. Gender-wise analysis of payroll data showed that out of 7.47 lakh new members in March, around 2 lakh were new female members. The net female member addition during the month stood at around 2.90 lakh. “The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce,” the official release said.